2 November 2024
MicroStrategy Make Purchase Of New $50 Million In Bitcoin
MicroStrategy, a well-known platform for business analytics has recently made a purchase of $50 million in Bitcoin.
CEO of MicroStrategy, Michael Saylor revealed the information via a tweet on Friday afternoon.
The tweet read as "MicroStrategy has purchased approximately 2,574 bitcoins for $50.0 million in cash in accordance with its Treasury Reserve Policy, at an average price of approximately $19,427 per bitcoin. We now hold approximately 40,824 bitcoins."
This move was not a surprise as the firm has said during the Q3 earnings call, that it would spend excess cash beyond its $50 million in day-to-day operating cash on bitcoin "subject to market conditions and business needs."
Some back-of-the-napkin math indicates that, based on its previous purchases, MicroStrategy's average cost per bitcoin is $11,635. All told, the total value of its bitcoin holdings is worth roughly $766.6 million.
As per some analytics, MicroStrategy's average cost per bitcoin is $11,635 when calculated with its previous purchase. However, MicroStrategy’s total value of bitcoin holdings is worth roughly $766.6 million.
MicroStrategy just doesn’t want to hold bitcoins, it is looking for more ways to explore bitcoin such as offering bitcoin data products and services as part of its wider business offering, as previously reported.
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