MicroStrategy plans to purchase more bitcoin

VIRGINIA: MicroStrategy Inc, the enterprise software firm that has embraced bitcoin investing, said it paid an average US$52,765 for nearly 20,000 tokens last week after issuing US$1.05bil in convertible bonds.

The company’s latest foray into the cryptocurrency market pushed its total holdings past 90,000 coins at a cost of US$2.17bil, it said in a statement.

MicroStrategy said it will continue buying bitcoin using “excess cash” and may issue more debt to finance the purchases.

MicroStrategy has paid an average price of almost US$24,000 for its coins, giving it a gain of about 100%.

The company first announced bitcoin buys last summer, saying it used corporate cash reserves.

MicroStrategy has since issued two rounds of convertible bonds to make additional purchases. — Bloomberg

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