- MicroStrategy bought Michael Saylor an additional 5,050 bitcoins for about $243 million.
- The business software maker’s total bitcoin holdings were valued at $5.1 billion as of Monday’s session.
- Bitcoin traded around $44,500 on Monday, a dip after reclaiming the $50,000 level in August.
- See more stories on the Insider Business page.
MicroStrategy made another big purchase of bitcoin, bringing the value of its holdings of the most traded cryptocurrency to around $5.1 billion.
The company bought $5,050 for $242.9 million in cash, which represents an average price of $48,099 per coin, CEO Michael Saylor said. In a Monday message on Twitter. Saylor and MicroStrategy, in a statement filed with the Securities and Exchange Commission, said the company now owns 114,042 bitcoins purchased for $3.16 billion at an average price of about $27,713 per bitcoin.
Bitcoin traded around $44,500 during Monday’s session, valuing the company’s bitcoin holdings at $5.1 billion.
Saylor has been an outspoken supporter of bitcoin, and his enthusiasm for the cryptocurrency was highlighted by Saylor’s August 2020 conversion of nearly all of MicroStrategy’s funds into bitcoin. Saylor’s obsession with bitcoin appears to have popped up all of a sudden, several people who worked with him told Insider.
Bitcoin price has retreated from the $50,000 level that it recovered in late August. The cryptocurrency traded above that price in mid-May, buoyed by increased interest among financial institutions and other companies, but concerns about regulatory moves in China and the United States spurred a selloff.
The recent recovery of Bitcoin worth $50,000 along with a broader advance among other digital tokens including ether and so-called altcoins like Cardano was made on a mix of industry news including tech upgrades and more corporate exposure to cryptocurrencies. Exchange Coinbase said in August that it will add $500 million in cryptocurrency to its balance sheet and invest 10% of future profits in digital assets.
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