MicroStrategy buys more bitcoin for $489 million in cash

Software company MicroStrategy announced Monday that it had bought an additional 13,005 bitcoins for around $489 million in cash.

The average purchase price per bitcoin was $37,617, said MicroStrategy. The price of bitcoin has fallen sharply over the past few days, and one bitcoin is currently priced at around $32,500.

MicroStrategy's new bitcoin purchase comes after the company completed its $500 million offering of secured notes last week. The offering was of secured notes due 2028 that bear an annual interest rate of 6.125%.

Nasdaq-listed MicroStrategy starting buying bitcoin last August and since then has accumulated 105,085 bitcoin on its balance sheet. The aggregate purchase price of these bitcoins is around $2.75 billion at an average purchase price of about $26,080 per bitcoin. MacroStrategy LLC, a recently formed subsidiary of MicroStrategy, holds approximately 92,079 of the bitcoins.

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About Author

Yogita is a senior reporter at The Block and covers all things crypto. Before joining The Block, Yogita worked for CoinDesk and The Economic Times. She can be reached at [email protected] Follow her on Twitter @Yogita_Khatri5.

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