MicroStrategy took advantage of the weekend sell-off in bitcoin and bought more, adding to its $4.5 billion stake | Currency News | Financial and Business News

Chesnot/Getty Images

  • MicroStrategy viewed the 10% sell-off in bitcoin over the weekend as a buying opportunity, according to a filing with the SEC on Monday.
  • The firm said it purchased 328 more bitcoin over the weekend at an average price of $45,710.
  • MicroStrategy now owns 90,859 bitcoin worth as much as $4.5 billion as of Monday morning. 
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Bitcoin staged a 10% sell-off over the weekend, but MicroStrategy viewed the correction as a buying opportunity, according to a filing made with the SEC on Monday.

MicroStrategy purchased 328 more bitcoin for $15 million, representing an average price of $45,710, according to the filing. Bitcoin fell to a low of about $43,000 on Sunday, but it has since rallied 14% to $49,000 after Citi said the cryptocurrency was near a “tipping point” of going mainstream.

MicroStrategy’s stake in bitcoin is now worth about $4.5 billion. The firm has continuously piled into bitcoin since August 2020. Most recently, the firm raised about $1 billion in debt to add to its stake.

MicroStrategy now owns a total of 90,859 bitcoin at an average price of $24,063, inclusive of fees and expenses. The firm has paper gains in bitcoin of about 100%.  

Shares of MicroStrategy traded up as much as 6% in Monday trades, and are up 93% year-to-date. 

Markets Insider

Source: Read Full Article