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High-profile Bitcoin bull Michael Saylor leads MicroStrategy as chairman.
Marco Bello/Getty Images
MicroStrategy
is at it again—buying
Bitcoin
and making its financial health increasingly aligned with the largest cryptocurrency. For now, the stock is falling in tandem with the digital asset it keeps purchasing.
Founded by Bitcoin bull Michael Saylor—now the group’s chairman—MicroStrategy (ticker: MSTR) is a business intelligence company that has emerged along with
Tesla
(TSLA) as one of the few public companies to buy significant amounts of crypto. Beyond holding digital assets in its corporate treasury, MicroStrategy is also broadening its core business to include crypto software development.
And the company just keeps getting more bullish on Bitcoin, which, despite a rally of some 70% so far this year, remains down significantly—at $28,000—from its late-2021 record high near $69,000. Having announced a $150 million buying spree through February and March just weeks ago, the group detailed further purchases in a filing with the U.S. Securities and Exchange Commission on Wednesday.
MicroStrategy said that between March 24 and April 4 it and its subsidiaries acquired around 1,045 Bitcoins for about $29.3 million in cash, representing an average price of some $28,016 per Bitcoin, including fees and expenses. That brings MicroStrategy’s total holdings to about 140,000 Bitcoins, worth some $3.9 billion—below the aggregate purchase price of $4.17 billion, representing around $29,803 per coin.
MicroStrategy stock fell 2.7% in Wednesday…
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