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October 4, 2022
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MicroStrategy buys another $ 1 billion in Bitcoin

According to the Microstrategy company press release, it announced today that it has purchased an additional 19,452 bitcoins for approximately $ 1.026 billion in cash at an average price of approximately $ 52,765 per bitcoin, including fees and expenses.

Company holds a total of approximately 90,531 bitcoins, which were purchased at a total purchase price of approximately $ 2.171 billion and an average purchase price of approximately $ 23.985 per bitcoin, including fees and expenses.

According to Michael J. Saylor, CEO of MicroStrategy Incorporated:

The company remains focused on our two corporate strategies for growing our corporate analytics and bitcoin acquisition and maintenance business. The company now holds more than 90,000 bitcoins, reaffirming our belief that bitcoin, as the most widely adopted cryptocurrency in the world, can serve as a reliable store of value. We will continue to follow our strategy of acquiring bitcoin with excess cash and we may, from time to time, subject to market conditions, issue debt or equity securities in capital increase transactions in order to use the product to purchase additional bitcoin.

Phong Le, President and CFO of MicroStrategy Incorporated, adds:

MicroStrategy remains dedicated to our business analytics clients and our goal to operate a growing, profitable business intelligence company. We believe that our bitcoin strategy, including our bitcoin holdings and related activities in support of the bitcoin network, is complementary to our software business, by increasing our brand awareness and providing opportunities to secure new customers.

MicroStrategy’s huge Bitcoin investments have drawn a lot of attention since the end of 2020, possibly paving the way for institutional adoption of cryptography.

Just a week ago, for example, the company announced that it will issue $ 600 million in additional convertible notes to investors and institutions – to buy more Bitcoin, of course.

Anthony Pompliano (also known as “Pomp”), a co-founder of crypto asset management company Morgan Creek Digital Assets, was very excited to hear the big news and asked what will be the next to buy Bitcoin for use as a treasure reserve asset:

Square has 5% of its balance in bitcoin. Tesla has 8% of its balance in bitcoin. Microstrategy has 95% + of its balance in bitcoin. Who is next?

Source: MicroStrategy, CryptoSlate and CryptoGlobe

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