MicroStrategy (NASDAQ:MSTR) has bought more Bitcoin, according to a document filed with the SEC.
MicroStrategy has morphed into a proxy for Bitcoin, and its CEO, Michael Saylor, is a huge Bitcoin bull who sees Bitcoin as a digital asset that is more like gold minus the physical shortcomings.
In an 8-K filed today, MicroStrategy revealed that it had purchased approximately 12,000 Bitcoins for approximately $821.7 million in cash from February 26 to March 5, 2024. Earlier this month, MicroStrategy issued debt to facilitate the purchase of the world’s most popular crypto.
As of March 10, 2024, MicroStrategy reports that the company holds an aggregate of approximately 205,000 Bitcoins, which were acquired at an aggregate purchase price of approximately $6.91 billion and an average purchase price of approximately $33,706 per Bitcoin, inclusive of fees and expenses.
As Bitcoin is perched at new all-time highs—over $70,000—MicroStrategy’s bet has turned out rather well for the company, with Bitcoin being the bulk of the market cap of the firm. Saylor has rebranded the firm as a Bitcoin development company.