Business intelligence firm MicroStrategy has bought a further $10 million in Bitcoin, according to an SEC filing. It bought an additional 314 Bitcoin at an average price of $31,808, including fees and expenses.
MicroStrategy now holds 70,784 Bitcoin in total. According to the filing, this puts the firm's average purchase price at $16,035 per coin. This is higher than it was previously, because the firm purchased these newer coins at much higher prices than its earlier purchases.
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In December, the firm completed its purchase of 29,646 Bitcoin, bringing its total holdings up to 70,470 Bitcoin at the time. It managed to do so by raising $650 million in debt securities in order to invest further into Bitcoin.
MicroStrategy has purchased approximately 314 bitcoins for $10.0 million in cash in accordance with its Treasury Reserve Policy, at an average price of approximately $31,808 per bitcoin. We now hold approximately 70,784 bitcoins.https://t.co/zMJSH29bmC
On the other hand, the firm's big Bitcoin focus caused Citigroup to downgrade its recommendation from 'neutral' to 'sell' in early December. But clearly, MicroStrategy wasn't perturbed.
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