30s Summary

MicroStrategy, the biggest corporate bitcoin holder, has purchased 27,200 additional bitcoins for $2 billion, increasing its total holdings to 279,420 bitcoins worth nearly $23 billion. The company has now spent approximately $11.9 billion on bitcoin, realising profits of around $11 billion. The recently purchased bitcoins were obtained at $74,463 each and have already appreciated nearly $8,000 per coin, resulting in over $200 million in profit. To acquire more bitcoins, MicroStrategy issues shares and uses the proceeds for purchases, effectively driving up both bitcoin and company share prices.

Full Article

MicroStrategy, the company led by Michael Saylor and the biggest corporate bitcoin holder, has purchased an additional 27,200 bitcoins for $2 billion. The total amount that MicroStrategy has spent on bitcoin is now around $11.9 billion, which means they’ve made a profit of roughly $11 billion. The company now holds 279,420 bitcoins, which are worth just under $23 billion.

The latest acquisition is already bringing in profits. The 27,200 bitcoins bought were acquired at an average price of $74,463 each and have currently appreciated almost $8,000 per coin. This has banked MicroStrategy over $200 million in profit.

What’s interesting to note is the company’s method of getting more bitcoins. They issue shares and use the proceeds to buy more bitcoin. This helps to push the price of bitcoin up, which in turn increases the price of MicroStrategy’s shares. At the time of writing, the company’s shares have risen by more than 9% in pre-market trading, hitting $295.