A Business Intelligence Company MicroStrategy has bought an extra 11,931 Bitcoins for $786 million. These new Bitcoins make their total shares 226,331 and make them the most significant company that owns Bitcoin.
The company’s recent $800 million convertible note offering paid for the buy. Their average price to buy Bitcoin is now $36,798, although the most recent purchase cost an average of $65,883 per coin.
MicroStrategy’s Bitcoin Purchase Impact
Earlier today, Bitcoin quickly went over $66,000, reaching a high point of $66,436 during the day. As expected after Company’s recent debt increase, the significant buy did not have much of an effect on the market.
MicroStrategy’s stock (MSTR) is up 2.56% in pre-market trading and has gone up 114% so far this year, substantially beating Bitcoin.
Others, like gold supporter Peter Schiff, have looked closely at MicroStrategy’s plan to use debt to buy more Bitcoin, saying that CEO Michael Saylor’s actions may be boosting the Bitcoin market unnecessarily.
