MicroStrategy (MSTR) – Get a MicroStrategy Incorporated Class A . report Shares fell on Tuesday, after the data analytics firm said it had bought bitcoin in recent months, while selling its own shares.
In a filing with the Securities and Exchange Commission on Monday, MicroStrategy said it acquired $420 million worth of bitcoin between July 1 and September 12. Meanwhile, it gave up $400 million of its own stock during that time.
The company’s stock was down 4% at $618.43 in recent trading.
It bought 8,957 bitcoins at an average price of $46.875 between July 1 and September 12. Last month, Microstrategy said it bought $177 million worth of bitcoin between July 1 and August 23, buying 3,907 bitcoin at an average price of $45,294.
Microstrategy said Monday that it now owns 114,042 bitcoins, which it bought for $3.16 billion, which translates to an average price of $27,713 per bitcoin. MicroStrategy’s stock is now worth $5.3 billion, with bitcoin trading at $46.501.
Some analysts argue that the company is more of a bitcoin game than a data analytics game.
As for its stock, MicroStrategy said it issued and sold 555,179 shares at an average price of $727.64 between July 1 and September 12.
Last month, it said it sold $177.5 million of shares between July 1 and August 23 – 238.053 shares at an average price of $753.21.
Last week, when El Salvador adopted bitcoin as legal tender, the heads of the central banks of Mexico and Sweden spoke of their skepticism about the cryptocurrency.
Bank of Mexico Governor Alejandro Diaz de Leon said that Bitcoin is more of a medium of barter than a real currency.
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