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MicroStrategy, Its Shares Sinking, Spends $10M to Buy Yet More Bitcoin

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Kevin Reynolds
·1 min read
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Business intelligence firm MicroStrategy, which has essentially linked its fate to the performance of bitcoin, announced it has bought another $10 million of the largest cryptocurrency.

The company’s shares closed at $645.66 Thursday and are down 0.88% in Friday pre-market trading.

  • MicroStrategy said it bought about 205 BTC for $10 million in cash, at an average price of about $48,888.

  • The company said that as of Friday it now holds about 91,064 BTC that were bought at a combined purchase price of $2.196 billion for an average per coin price of $24,119.

  • While MicroStrategy’s crypto investment is still about twice what it paid for it, BTC is more than $10,000 off its all-time high set last month. The company’s shares have lost roughly half their value in that same time frame.

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