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Michael Saylor's business intelligence firm MicroStrategy bought another $15 million worth of bitcoin on Friday, bringing the company's total holdings to 91,326 units.
The firm's bitcoin holdings were worth roughly $5.26 billion as of March 11's price per coin. Saylor's firm acquired its bitcoin for some $2.211 billion at an average price of around $24,214 per bitcoin.
Michael Saylor has long been an advocate of digital currencies, and particularly bitcoin. The CEO even held a conference called "bitcoin for corporations" on February 4 to attract more institutional investment. Saylor said he held the conference by "popular demand" after getting so many questions from fellow CEO's about his company's bitcoin purchases.
MicroStrategy first bought into bitcoin with a $250 million purchase back in August of 2020.
Since then, Saylor changed MicroStrategy's treasury reserve policy in order to make bitcoin the company's treasury reserve asset and then continued his entry into the digital currency market.
Saylor purchased $50 million of bitcoin on December 4, then quickly followed with a December 8 $400 million bitcoin buy.
When MicroStrategy ran out of funds to buy bitcoin, Saylor turned to debt offerings to feed the habit. On February 17, MicroStrategy's convertible debt offering hit $900 million and the firm used the proceeds to buy more bitcoin.
Since then, MicroStrategy has used bitcoin sell-offs as buying opportunities, and now the company's digital asset holdings are nearing 100,000 bitcoin.
MicroStrategy's business plan and operations have taken a back seat to its bitcoin purchases lately. The company boasts a market cap of roughly $7.71 billion as of March 12, but turned in revenues of just $480 million in 2020 while posting a net loss of roughly $7.5 million, according to SEC filings.
MicroStrategy traded down 4.70%, at $770 per share, as of 9:38 a.m. ET on Friday.
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See Also:
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- 'Bitcoin is here to stay'. A crypto CEO breaks down why sell-offs won't slow the boom in investment that is only just getting started
