May 23, 2022

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News from the world of bitcoin

Microstrategy Buys 660 More Bitcoins —Total Holdings Rise to 125,051 BTC

Microstrategy Buys 660 More Bitcoins —Total Holdings Rise to 125,051 BTC

Nasdaq-listed Microstrategy has bought 660 more bitcoins at an average price of $37,865 per coin, bringing the total crypto holdings of the company to 125,051 bitcoins. “Our strategy with bitcoin has been to buy and hold, so to the extent we have excess cash flows or we find other ways to raise money, we continue to put it into bitcoin.”

Microstrategy Adds 660 Bitcoins to Its Treasury

The Nasdaq-listed software company Microstrategy has bought the dip again. CEO Michael Saylor tweeted Tuesday:

Microstrategy has purchased an additional 660 bitcoins for ~$25.0 million in cash at an average price of ~$37,865 per bitcoin. As of 1/31/22 we hodl ~125,051 bitcoins acquired for ~$3.78 billion at an average price of ~$30,200 per bitcoin.

According to the company’s filing with the U.S. Securities and Exchange Commission (SEC), the purchase was made during the period between Dec. 30, 2021, and Jan. 31, 2022.

At the time of writing, the price of bitcoin is $39,121.89 based on data from MotleyBloggers.com Markets. It is up almost 2% within the past 24 hours, 6.4% in the last 7 days, but down 18% over the past 30 days.

Microstrategy’s chief financial officer, Phong Le, said last week:

Our strategy with bitcoin has been to buy and hold, so to the extent we have excess cash flows or we find other ways to raise money, we continue to put it into bitcoin.

Last week, the SEC made public its letters to Microstrategy about the company’s accounting of bitcoin. “We object to your adjustment for bitcoin impairment charges in your non-GAAP measures,” the securities regulator wrote in a Dec. 3 letter. The SEC then told Microstrategy to revise the way it discloses its bitcoin holdings in future filings.

What do you think about Microstrategy buying more bitcoins? Let us know in the comments section below.