MicroStrategy Stock Surges on Latest Bitcoin Buying Spree

MicroStrategy has announced another major strategic partnership expansion, sending its stock price up by 4.49 percent.

The company added 1,665 Bitcoin for $142.7 million at an average cost of $85,681 each, taking its total holdings to 847,666 BTC worth roughly $63.95 billion at cost.

Earlier that week, MicroStrategy bought 950 BTC for $75.7 million at about $79,670 each, lifting its stash to 846,000 BTC acquired for around $63.8 billion.

The company still reports around $5.0 billion in USD reserves and roughly $1.0 billion in cash as of late September, despite heavy spending on Bitcoin, common stock buybacks, and preferred dividends.