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MicroStrategy Splurges Another $650M on Latest Bitcoin Investment

MicroStrategy is transforming itself into corporate America's boldest bitcoin bull, now owning bitcoin worth over $1.596 billion.

By Danny Nelson

Updated Sep 14, 2021, 10:46 a.m. Published Dec 21, 2020, 1:26 p.m.

MicroStrategy has invested all of the proceeds of its $650 million debt issuance into 29,646 more bitcoin.

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CEO Michael Saylor announced in a tweet Monday that the latest purchase was made at an average price of $21,925 per bitcoin.
The business intelligence firm now has 70,470 BTC worth over $1.596 billion in its treasury reserve.
Saylor said in the tweet that MicroStrategy has spent $1.125 billion on bitcoin to date, at an average price of $15,964 per bitcoin.
MicroStrategy held a $650 million convertible senior note sale in early December to raise funds for this allocation. Previous purchases relied on a $500 million glut in its corporate balance sheet.
Issuing debt to buy bitcoin is a bold bet for any publicly traded company, especially for one whose business model does not even center on cryptocurrencies. CEO Michael Saylor has brushed aside all criticism nonetheless.

MicroStrategy Michael Saylor

Danny Nelson

Danny is CoinDesk's managing editor for Data & Tokens. He formerly ran investigations for the Tufts Daily. At CoinDesk, his beats include (but are not limited to): federal policy, regulation, securities law, exchanges, the Solana ecosystem, smart money doing dumb things, dumb money doing smart things and tungsten cubes. He owns BTC, ETH and SOL tokens, as well as the LinksDAO NFT.