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