Enterprise analytics firm MicroStrategy informed on February 24 that it expanded its bitcoin funds by $1 billion. The news came on February 19, when the second trade of convertible debt was closed.
Related: Square Invests $170 M in BTC
MicroStrategy bought the 19.452 Bitcoins paying an average cost of $52,765 for each. Thus, the company's accumulative holding in Bitcoin reached 90,531 worth of around $4.5 B. The first time MicroStrategy traded BTC was in August 2020, paying in cash on its balance sheet. Afterwards, it has finalized two convertible bond offerings to boost funds for more trades.
MicroStrategy has purchased an additional ~19,452 bitcoins for ~$1.026 billion in cash at an average price of ~$52,765 per #bitcoin. As of 2/24/2021, we #hodl ~90,531 bitcoins acquired for ~$2.171 billion at an average price of ~$23,985 per bitcoin. $MSTRhttps://t.co/FbsRYhXEhn— Michael Saylor (@michael_saylor) February 24, 2021
The co-founder and head of the organization, Michael Saylor is a huge Bitcoin supporter. Recently he expressed his opinion that the cryptocurrency's market value will reach $100 T in the future, growing 100 times.
A day before MicroStrategy's purchase, financial services provider Square announced investing $170 M in Bitcoin. At the moment the crypto asset trades at around $50.400 with a market cap of $941 Billion.