MicroStrategy has bought 29,646 bitcoins worth $650m

On Monday, December 21, MicroStrategy announced the acquisition of 29,646 bitcoins worth around $650 million, bringing the company’s 2020 bitcoin investment to over $1 billion.

Earlier this month, MicroStrategy raised $650 million through the sale Bitcoin Profit of senior convertible notes – the entire amount was used to buy bitcoins.

MicroStrategy now holds 70,470 bitcoins, bought at an average price of around $15,964. At the time of writing, bitcoin is trading at around $22,700.

Fong Le, MicroStrategy’s president and chief financial officer, said the company remains confident that „bitcoin can provide even more profit opportunities and in the long run better preserve the value of capital compared to fiat money“.

In August, MicroStrategy said it bought 21,454 BTC worth $250 million as part of its capital allocation strategy. The company later acquired another 16,796 BTC for $175 million. The purchases were made through the brokerage platform of US cryptocurrency exchange Coinbase.