MicroStrategy invests $15million more into bitcoin, raises holding valued to $4.38 billion

bitcoin

MicroStrategy Inc said has bought another 328 bitcoin for about $15 million in cash. This later st buy has swelled its holdings of the cryptocurrency and has sent the company’s shares 7% higher in premarket trading.

The company, whose Chief Executive Officer Michael Saylor is one of the most vocal proponents of bitcoin, bought the cryptocurrency at an average price of about $45,710 each.

MicroStrategy, the world’s largest publicly-traded business intelligence company, owns close to 90,859 bitcoin, which were acquired at an aggregate purchase price of about $2.19 billion and an average purchase price of around $24,063 per bitcoin.

The company’s bitcoin holdings are valued at about $4.38 billion.

MicroStrategy spent last year steadily amassing bitcoin after making its first investment in August.

MicroStrategy’s latest shopping spree comes as major firms including BNY Mellon, asset manager BlackRock Inc and credit card giant Mastercard Inc, backed certain cryptocurrencies, with Tesla Inc investing $1.5 billion in bitcoin.

Bitcoin rose nearly 6% on Monday as risk assets rallied after last week’s bond rout cooled.

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