MicroStrategy Purchases 1,434 Bitcoin For $82.4 Million
MicroStrategy Inc (NASDAQ: MSTR) appears to be buying the dip in bitcoin. The firm this morning filed a report with the Securities and Exchange Commission, wherein it revealed it had acquired further bitcoin since its last announcement on November 29.
The firm this morning revealed that between November 29 and December 8, the company had acquired a further 1,434 bitcoin, via cash, at an average price of $57,477 per bitcoin – signaling that the majority of those purchases likely occurred on the front end of that timeline, given that the price of the crpyto hasn’t been near that level since December 3.
The purchase came at a total cost of $82.4 million, with the company paying for the purchases via the sale of its shares directly on the Nasdaq under an at the market financing. A total of 119,828 shares of the company were sold at an average price of $693.10 over the same timeframe, generating net proceeds of $82.4 million.
Following the transactions, the firm now holds a total of 122,478 bitcoins at an average price of $29,861.
MicroStrategy last traded at $636.54 on the Nasdaq.
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As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.
