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MicroStrategy Buys Another $414 Million of Bitcoin

MicroStrategy shares jumped nearly 6% on the news going from $660 to over $700.

Michael Saylor, the CEO and founder of the business intelligence company MicroStrategy, has announced via Twitter that the company had acquired another 7,002 bitcoins for over $414 million. 

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MicroStrategy also released its regulatory filing detailing the bitcoin purchases between Oct. 1 and today. The filing notes that the 7,002  new bitcoins were accumulated at an average price of $59,187. 

The company has now spent $3.57 billion to acquire a total of 121,044 bitcoins that have been purchased at an average price of $29,534. MicroStrategy's bitcoin stockpile is now worth over $6.9 billion giving the company a near 100% return on its investment, even after Bitcoin's recent correction of over 15%.

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MicroStrategy shares jumped nearly 6% on the news going from $660 to over $700. Bitcoin also saw a jump of over 2% on the day, likely due to a number of factors including El Salvador's new "Bitcoin City" as well as increased numbers of celebrities and star athletes choosing to be paid in Bitcoin. 

MicroStrategy and its CEO have been outspoken advocates and continuous investors in Bitcoin. The company first started buying Bitcoin in August of 2020 when Bitcoin was between $10,000 and $11,000. Bitcoin has seen an over 400% increase since those investments. 

In the same amount of time, MicroStrategy's stock price has increased close to 500%, showing that its connection to Bitcoin has been a significantly positive move for its shareholders.