MicroStrategy Stock Plummets as It Buys More Bitcoins
- Its acquisition of approximately 205 bitcoins puts MicroStrategy total holdings at 91,064 coins.
MicroStrategy announced on Friday that it bought just over $10 million worth of additional bitcoins, just days after finalizing another purchase of more than $15 million. However, the company’s share price shed more than 11 percent in today’s trades as of writing.
The Nasdaq-listed business intelligence firm, which has been doubling down on its cryptocurrency bet over the last year, paid an average price of $48,888 for each Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term, including fees.
Its acquisition of approximately 205 bitcoins puts the Virginia-based company’s total holdings of the digital token at 91,064, which were acquired at a total cost of $2.20 billion and an average price of $24,119 per bitcoin. At the current price, Microstrategy’s bitcoins are worth more than $4.4 billion.
The business intelligence giant, Headed by crypto bull, Michael Saylor, had previously sold debts worth more than $1.2 billion for the explicit purpose of purchasing Bitcoin.
MicroStrategy has good reason to do that again. The publicly-listed company’s share price shot up by approximately 580 percent as MicroStrategy’s Bitcoin bet has turned into a profitable one. The price of Bitcoin rose from $11,000 in August, when it made its first crypto purchase via Coinbase’s institutional service, to just shy of the $60,000 level last month.
In 2020, the company bought an aggregate of 70,470 bitcoins, which were acquired at an aggregate cost of $1.1 billion or an average purchase price of $15,964 per coin, well below current levels.
For reference, MicroStrategy’s market cap stands at $5.8 billion as of Friday, meaning the company places nearly 70% of its net value in Bitcoin.
MicroStrategy CEO Saylor, who is now an avid bitcoin advocate, was said to be the one who convinced Elon Musk to move $1.5 billion dollars of Tesla’s funds into bitcoin. Although the big party started after the news of the Tesla purchase and its acceptance of Bitcoin as a form of payment, the electric vehicle maker was not the first heavyweight firm to convert a portion of its cash into bitcoin.
When a wave of institutional investors started to warm to Bitcoin through the second half of 2020, Payment Startup Startup A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c Read this Term, Square and other Wall Street whales including Microstrategy adopted the policy of placing their cash surpluses into crypto.
MicroStrategy announced on Friday that it bought just over $10 million worth of additional bitcoins, just days after finalizing another purchase of more than $15 million. However, the company’s share price shed more than 11 percent in today’s trades as of writing.
The Nasdaq-listed business intelligence firm, which has been doubling down on its cryptocurrency bet over the last year, paid an average price of $48,888 for each Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term, including fees.
Its acquisition of approximately 205 bitcoins puts the Virginia-based company’s total holdings of the digital token at 91,064, which were acquired at a total cost of $2.20 billion and an average price of $24,119 per bitcoin. At the current price, Microstrategy’s bitcoins are worth more than $4.4 billion.
The business intelligence giant, Headed by crypto bull, Michael Saylor, had previously sold debts worth more than $1.2 billion for the explicit purpose of purchasing Bitcoin.
MicroStrategy has good reason to do that again. The publicly-listed company’s share price shot up by approximately 580 percent as MicroStrategy’s Bitcoin bet has turned into a profitable one. The price of Bitcoin rose from $11,000 in August, when it made its first crypto purchase via Coinbase’s institutional service, to just shy of the $60,000 level last month.
In 2020, the company bought an aggregate of 70,470 bitcoins, which were acquired at an aggregate cost of $1.1 billion or an average purchase price of $15,964 per coin, well below current levels.
For reference, MicroStrategy’s market cap stands at $5.8 billion as of Friday, meaning the company places nearly 70% of its net value in Bitcoin.
MicroStrategy CEO Saylor, who is now an avid bitcoin advocate, was said to be the one who convinced Elon Musk to move $1.5 billion dollars of Tesla’s funds into bitcoin. Although the big party started after the news of the Tesla purchase and its acceptance of Bitcoin as a form of payment, the electric vehicle maker was not the first heavyweight firm to convert a portion of its cash into bitcoin.
When a wave of institutional investors started to warm to Bitcoin through the second half of 2020, Payment Startup Startup A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c Read this Term, Square and other Wall Street whales including Microstrategy adopted the policy of placing their cash surpluses into crypto.