By Tim Copeland
2 min read
Business intelligence firm MicroStrategy has spent a further $10 million on Bitcoin, according to an announcement today.
The firm has purchased 295 more Bitcoin, bringing its total holdings to 71,079. The average price it paid for this Bitcoin was $16,109.
MicroStrategy has now spent a total of $1.145 billion on buying Bitcoin, as part of its treasury investment policy. It now owns around $2.5 billion in Bitcoin.
In August, MicroStrategy announced the purchase of 21,454 Bitcoin, at a price of $250 million. The firm’s acquisitions are directly in line with its investment strategy, which describes Bitcoin as a superior asset class.
In December, the firm completed a $650 million raise in order to buy more Bitcoin, which it did. This marked its second big purchase.
Bitcoin's price has been on a tear lately. Image: Shutterstock.
Now it looks as though its making more, smaller purchases on an ongoing basis. On January 22, it dropped $10 million into Bitcoin, buying another 314 coins, before doing the same again today, although at a slightly higher rate.
MicroStrategy CEO Michael Saylor tweeted earlier today, "My formula for success is rise early, work late, and buy #bitcoin." Looks like he wasn't kidding.
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