MicroStrategy purchases more bitcoin worth $10 million 

Publicly-traded MicroStrategy announced Tuesday that it had purchased an additional 295 bitcoin for $10 million in cash.

This brings MicroStrategy's total bitcoin holdings to 71,079 bitcoin, worth about $2.5 billion at current prices.

The company's bitcoin bet appears to have paid off well so far. MicroStrategy acquired these bitcoins at an aggregate price of around $1.15 billion, or at an average price of around $16,109 per bitcoin. Currently, bitcoin's price is trading at around $34,850.

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Just less than two weeks ago, MicroStrategy bought bitcoin worth $10 million. Last week, the Nasdaq-listed company said it wants to acquire more bitcoin and that it is exploring alternative avenues for doing so.

MicroStrategy began purchasing bitcoin in August last year. At the time, the company's CEO Michael Saylor said, bitcoin investments are aimed at maximizing long-term value for shareholders.

Later, in an interview with The Block, Saylor said bitcoin is the "best money ever created." He compared bitcoin to gold and the U.S. dollar and said the cryptocurrency is a superior asset for a treasury given that it is not deflationary by design.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.