MicroStrategy (MSTR) buys nearly $800 million worth of Bitcoin, shares up

MicroStrategy (NASDAQ: MSTR) has increased its Bitcoin holdings by purchasing an additional 11,931 coins for $786 million, at an average price of $65,883 per Bitcoin, the company’s regulatory filing with the Securities and Exchange Commission (SEC) showed on Thursday.

According to Michael Saylor, the company's founder and executive chairman, MicroStrategy has spent approximately $8.33 billion to accumulate a total of 226,331 Bitcoin, averaging $36,798 per Bitcoin.

The move follows the company’s announcement last week of raising $500 million to buy Bitcoin through the sale of convertible senior notes due in 2032.

Shortly thereafter, MicroStrategy raised its initial target by 40% to $700 million, indicating that the funds would be used to acquire more Bitcoin and “for general corporate purposes.”

MSTR shares more than 2% in premarket trading Thursday.

By Vahid Karaahmetovic

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