MicroStrategy Buys Another 7,002 Bitcoins Worth $414.4 Million to Add to Its Stockpile

MicroStrategy announced that it bought an additional 7,002 Bitcoins for $414.4 million (roughly Rs. 3,114 crore).

MicroStrategy Buys Another 7,002 Bitcoins Worth $414.4 Million to Add to Its Stockpile

Photo Credit: Pexels/ Karolina Grabowska

MicroStrategy started buying Bitcoin in August last year

Highlights
  • MicroStrategy used Q4 share sale proceeds to make the purchase
  • MicroStrategy is the largest corporate holder of BTC globally
  • The price of Bitcoin touched a seven-week low last Friday

MicroStrategy, the US-based business intelligence firm led by Michael Saylar, has added another BTC 7,002 worth approximately $414 million (roughly Rs. 3,114 crore) to its kitty, at an average value of $59.178 (roughly Rs. 45 lakh). The latest addition brings the firm's total BTC accumulation to 1,21,044 Bitcoins since it announced its first purchase, back in August 2020. While MicroStrategy's buying patterns haven't been as consistent as they were in 2020, the firm has been steadily adding more Bitcoins to its stockpile.

MicroStrategy's CEO Michael Saylor tweeted news of the firm's latest BTC addition, following which the company's share prices saw a big jump. The firm also submitted a regulatory filing confirming the latest BTC scoop. The recent purchase was funded with proceeds from a stock sale previously disclosed in June that has thus far raised approximately $414.4 million (roughly Rs. 3,114 crore) through the sale of 5,71,000 shares in the fourth quarter. The latest investment from the firm comes as the price of Bitcoin is hovering around a seven-week low following fear over a newly identified coronavirus variant, dubbed Omicron, tanked the broader market on Friday.

MicroStrategy's entire stockpile of BTC 1,21,044 is currently valued at close to $7 billion (roughly Rs. 52,570 crore). The firm spent $3.57 billion (roughly Rs. 26,814 crore) over the past two years in accumulating its BTC kitty, which means that the firm is already sitting on profits worth around $3.43 billion (roughly Rs. 25,765 crore).

The company "will continue to acquire Bitcoin quarter by quarter, time to time, either with cash flows or with debt or with equity, just depending upon market circumstances and what looks most accretive to our shareholders," Saylor told CNBC in an interview earlier in November.

While other companies have made big bets on Bitcoin, MicroStrategy retains the position of being the most heavily invested public traded company in the cryptocurrency market. Elon Musk-led electric car maker Tesla holds 42,902 Bitcoins worth $2.45 billion (roughly Rs. 18,402 crore), according to Bitcoin Treasuries. Jack Dorsey-founded digital payments company Square, meanwhile, has 8,027 Bitcoins valued at $459.5 million (roughly Rs. 3,451 crore), while Mike Novogratz' group Galaxy Digital owns 6,400 Bitcoins priced at $938.8 million (roughly Rs. 7,051 crore).


Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Cryptocurrency Prices across Indian exchanges

Comments

For the latest tech news and reviews, follow Gadgets 360 on Twitter, Facebook, and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel.

Shomik is a senior sub-editor at Gadgets 360. As someone who's screened the consumer tech space for the past four years, he's now shifted focus to the crypto-verse. When not converting currency values in his head, you may find him in an intense five-a-side football match or grinding out the newest Destiny 2 weekly challenge on his Xbox. You can reach him for tips or queries at ShomikB@ndtv.com. More
Switch to HUAWEI MateView GT 27-inch Gaming Display for an Immersive Experience
Google AR Search Adds 3D Monuments Like Big Ben, Louvre Museum , Eiffel Tower to List: How to Use

Related Stories

Share on Facebook Tweet Snapchat Share Reddit Comment

Advertisement

Advertisement

Advertisement

© Copyright Red Pixels Ventures Limited 2022. All rights reserved.
cryptocurrency
Listen to the latest songs, only on JioSaavn.com