MicroStrategy [NASDAQ: MSTR] Announces Purchase Of Additional Bitcoins

MicroStrategy Incorporated [NASDAQ: MSTR] has got the ownership of an extra 2,574 bitcoins for $50 million. The firm’s CEO took to Twitter and disclosed the news. Michael Saylor has uncovered that the firm currently keeps nearly 40,824 bitcoins. MicroStrategy has bought bitcoin at an average cost of nearly $19,427 per bitcoin.

MSTR has earlier purchased 16,796 bitcoins valued at nearly $175 million in September. The firm’s CEO said that Bitcoin is a ‘million times better’ than gold. Previously, BI firm unveiled that it is planning to search for Bitcoins and data analysis products for its clients.

Shares of MicroStrategy traded down 1.09% as it lost -3.60 during the trading session of Friday. In the past 52-weeks of trading, the company’s share fluctuated between the low range of $90.00 and a high range of $358.94.

It has surged 264.44% from its 52-weeks low and plunged -8.62% from its 52-weeks high. Looking at its liquidity, it has a current ratio of 0.90. This company’s market capitalization has remained high, hitting $3.07 billion at the time of writing.

MSTR has described in the filing with SEC that it has secured 2,574 bitcoins for $50 Million in cash at an average cost of nearly $19,427 per bitcoin in compliance with its Treasury Reserve Policy.

BI company has granted the authorization to Bitcoin with its $425B financings in August & September. This financing has provided the firm $313B in just 4 months. It is deemed to be more revenue than the business has generated over the last 7 years of operating activities.