Watch LaMelo, Charlotte tie NBA record, drain 11 threes in one quarter


Weeks After $1B Bitcoin Purchase, MicroStrategy Buys Another $15M Worth Of Cryptocurrency

What Happened: MicroStrategy Incorporated (NASDAQ: MSTR) just bought another $15 million worth of Bitcoin (CRYPTO: BTC), taking its total holdings to 91,326 BTC worth over $2.2 billion. The company’s CEO announced the purchase on Twitter, saying that the 262 BTC was acquired at an average purchase price of $57,146. MicroStrategy has purchased an additional ~262 bitcoins for ~$15.0 million in cash at an average price of ~$57,146 per #bitcoin. As of 3/12/2021, we #hodl ~91,326 bitcoins acquired for ~$2.211 billion at an average price of ~$24,214 per bitcoin. $MSTR — Michael Saylor (@michael_saylor) March 12, 2021 This marks MicroStrategy’s third Bitcoin purchase in 2021 and comes only a few weeks after it announced a $1.026 billion Bitcoin purchase from the proceeds of its convertible note sale. While over 21 public companies have now disclosed that a portion of their treasury reserves has been allocated to Bitcoin, MicroStrategy’s accumulation far outpaces them – the software company owns just under 0.5% of Bitcoin's total supply. Why It Matters: Since its initial investment in August 2020, the price of Bitcoin has surged by over 400%. However, the company continued its strategic Bitcoin purchases even at these considerably higher price points. MicroStrategy Performance Mar. 11, 2021 Since the start of its #Bitcoin treasury program:$MSTR +496% $BTC +407%$NASDAQ +20% — ecoinometrics (@ecoinometrics) March 12, 2021 In fact, since the initial announcement of its Bitcoin treasury program, shares of MicroStrategy have moved largely in tandem with Bitcoin’s price but have returned over 496% during the same period. With such a sizable amount of Bitcoin in its reserves, many investors saw the opportunity to trade shares of MicroStrategy as they would a Bitcoin exchange-traded fund. Price Action: Bitcoin was trading at $56,400 at the time of writing – down from its high of $58,091 seen earlier today. Image: Executium via Unsplash See more from BenzingaClick here for options trades from BenzingaJPMorgan To Launch Cryptocurrency Exposure Basket With 11 'Bitcoin Stocks' Including MicroStrategy And Square© 2021 Benzinga does not provide investment advice. All rights reserved.

Let's block ads! (Why?)