MicroStrategy Buys Another $15 Million Worth of Bitcoins

US-listed MicroStrategy (NASDAQ: MSTR), the business intelligence company that is making headlines for its Bitcoin investments, announced on Monday that it has purchased around 253 Bitcoins for $15 million in cash.

The fresh batch of Bitcoins was purchased at an average price of $59,339 per Bitcoin.

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The Form 8-K filing with the US Securities and Exchange Commission (SEC) detailed that the company now holds a total of around 91,579 Bitcoins, which were acquired at an aggregated price of $2.226 billion. Overall, the average price of $24,311 per Bitcoin paid by the company is much lower than the digital currency’s current market price.

The Bitcoin Business

MicroStrategy became the first publicly listed corporation to invest in Bitcoin last year, starting a trend of adding Bitcoin to the company treasury. Though many massive companies like the electric car manufacturer Tesla also purchased Bitcoins, MicroStrategy’s investment remains the highest among the known companies. Other large holders of Bitcoins are Grayscale and Square, but both are offering Bitcoin investment services.

Though the core business of the company remains business intelligence, it came to the limelight after making the initial $250 million investment in Bitcoin last August. Its Founder and Chief Executive, Michael Saylor, also became one of the top proponents of Bitcoin and made Bitcoin investment a primary focus of the company.

“This investment reflects our belief that Bitcoin, as the world’s most widely-adopted cryptocurrency, is a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash,” Saylor earlier said.

Furthermore, the company’s share prices jumped many-fold since it made its first investment in Bitcoin. Many investors are seeing the MicroStrategy stock as a publicly listed proxy to invest in the digital currency.

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