MicroStrategy buys another 29,646 bitcoins as Bitcoin price falls

On December 22, according to foreign media reports, as the price of Bitcoin fell from its weekend highs, MicroStrategy announced that it had purchased 29,646 bitcoins for US$650 million, at a price of approximately US$21,925 per bitcoin.

MicroStrategy has already used all of the $650 million it raised earlier this month through the sale of convertible notes, a type of debt security that can be converted into shares of the issuer’s stock.
As of December 21, MicroStrategy held a total of 70,470 bitcoins, with a total purchase price of $1.125 billion. It has become the fifth largest holder of Bitcoin, ahead of the U.S. government, which reportedly owns 69,420 bitcoins.
Microstrategy CEO Michael Saylor is an active promoter of cryptocurrency. In his latest statement, he said, "Today's announcement to purchase additional Bitcoin reaffirms our belief that Bitcoin, as the world's most widely adopted cryptocurrency, is a reliable store of value."
MicroStrategy began its Bitcoin journey in August by purchasing 21,000 Bitcoins for $250 million. At the time, the company stated that its intention was to adopt Bitcoin as its primary reserve currency to hedge against U.S. dollar inflation. Several more purchases followed, the most recent of which was on December 5, when the company purchased 2,574 BTC at $19,427 per coin for $50 million.
Saylor recently encouraged Musk to follow his lead and get into the cryptocurrency game. He believes this will encourage other S&P 500 companies to follow suit.

Source: TechWeb.com.cn