The company announced its latest purchase in a press release published on 24 February, saying it will continue to pursue its strategy of acquiring Bitcoin. Michael Saylor, the CEO of MicroStrategy, said this further reaffirms the belief that Bitcoin can serve as a dependable store of value.
According to the official release, MicroStrategy paid an average price of $52,765 per bitcoin, including fees and other expenses.
Back in August 2020, the company revealed its first Bitcoin purchase. At the time, MicroStrategy invested $250 million of its inflation-hedging funds to purchase a total of 21,454 BTC. In December that year, the company raised $537 million in capital to invest in Bitcoin, purchasing approximately 29,000 BTC.
The company completed another convertible debt offering in February 2021, raising an additional $600 million to acquire more BTC.
As of press time, the company has cumulatively spent $2.171 billion on BTC, with an average purchase price of $23,985 per token. At a price of $49,200 per token, MicroStrategy’s Bitcoin reserve is worth over $4.45 billion.