MicroStrategy Resumes Bitcoin Purchases, Stock Price Soars
MicroStrategy's stock price surged by 8% on Monday after the company announced it had resumed buying Bitcoin. The company, which has been a vocal proponent of holding Bitcoin as a treasury reserve asset, acquired 950 BTC during the week ended September 20 for approximately $75.7 million.
The purchase increased MicroStrategy's total Bitcoin holdings to 846,000 BTC and brought its total investment in Bitcoin to around $63.8 billion at an average cost of $75,416 per coin, including fees and expenses.
MicroStrategy's latest purchase comes as the company continues to balance its Bitcoin accumulation strategy with capital management and preferred securities repurchases. The company also reported that it had used funds for Bitcoin purchases, preferred-stock dividends, and interest payments on outstanding debt.