MicroStrategy Buys $191M Worth of Bitcoin

MicroStrategy (MSTR), a bitcoin-accumulating business-intelligence software company, said it bought another 4,167 BTC for around $190.5 million.

The purchases took place between Feb. 15 and Monday, MicroStrategy said in a statement Tuesday.
The Tysons Corner, Va.-based company paid an average price of $45,714 per bitcoin.
The cash used to purchase the bitcoin likely stems from proceeds of MicroStrategy’s recent $205 million loan from Silvergate Bank, Mark Palmer, an equity research analyst at BTIG, told clients in a note Tuesday.
MicroStrategy now holds a total of 129,218 bitcoins, valued at about $6 billion at the current price of about $46,742. CEO Michael Saylor has said on several occasions that the company plans to hold the bitcoin long term and has no plans to sell it.
The bitcoin acquired across the 49-day period averages to 85 a day, up from the 20 it acquired a day between Dec. 30. and Jan. 31. In an earlier statement, the company indicated it hadn’t bought any bitcoin in the first half of February.
MicroStrategy shares fell as much as 1% in early trading.