Cryptocurrencies
MicroStrategy to Buy More Bitcoin After $1 Billion Purchase
- Software company now owns more than 90,000 of digital token
- Firm paid average of $52,765 in latest buying spree using debt
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MicroStrategy Inc., the enterprise software firm that has embraced Bitcoin investing, said it paid an average $52,765 for nearly 20,000 tokens last week after issuing $1.05 billion in convertible bonds.
The company’s latest foray into the cryptocurrency market pushed its total holdings past 90,000 coins at a cost of $2.17 billion, it said in a statement Wednesday. MicroStrategy said it will continue buying Bitcoin using “excess cash” and may issue more debt to finance the purchases. Shares of MicroStrategy jumped as high as 13%.