On the afternoon of December 4th, MicroStrategy CEO Michael Saylor announced that his company had purchased another $50 million worth of bitcoin, detailing that the company acquired 2,574 coins at an average price of $19,427 each. Bitcoin’s current value sits at $19,000 as per Tradingview.
According to a Securities and Exchange (SEC) filing pertaining to MicroStrategy, the company now holds “approximately 40,824 bitcoins that were acquired at an aggregate purchase price of $475.0 million, inclusive of fees and expenses.”
MicroStrategy is an American business services and data analytics company that made a historical pivot this past summer to invest cash reserves in bitcoin. The company’s first two purchases deployed a majority of its balance sheet to invest $425 million into bitcoin.
As The BTC Times reported, the company, on November 25th, was up around $300 million on its $425 million investment.
While the move is considered rather radical, the market seems to appreciate the firm’s move to shift its cash reserves to bitcoin.
The company’s shares, which trade on the NASDAQ with the ticker MSTR, now trade for $328. The company’s shares have gained approximately 160% since the initial purchase of bitcoin in August.
Since MicroStrategy’s initial investment in summer, others have followed: In October, Jack Dorsey’s Square allocated one percent of its assets, $50 million at the time, to Bitcoin. In the same month, billion-dollar asset manager Stone Ridge Asset Management announced it had purchased $115 million worth of bitcoin.