MicroStrategy Spends $147.3 Million To Acquire 5,445 Bitcoin
MicroStrategy (NASDAQ: MSTR) continues to dilute its equity in an effort to acquire more bitcoin. The firm this morning disclosed that it has purchased an additional 5,445 bitcoin as of September 24.
The additional bitcoin was acquired for a total figure of $147.3 million, with each bitcoin purchased at an average price of $27,053. The figure resulted in the company lowering its average cost basis of its entire holdings, which now sits at $29,582 per BTC.
MicroStrategy now holds 158,245 bitcoin as of September 24.
The purchase was funded via equity sold under an at-the-market financing lead by Cowen and Company. The company sold 403,362 additional shares under that financing to raise proceeds of $147.3 million, thereby funding the purchase of bitcoin.
MicroStrategy last traded at $323.62 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.
