The company bought an additional 9,245 bitcoins for about $623 million, according to a filing with the Securities and Exchange Commission.
MicroStrategy used the net proceeds from a private offering of convertible senior notes and excess cash to make this purchase.Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weekly, purchasing 12,000 bitcoins for close to $822 million following a debt sale as bitcoin was climbing to all-time highs.
Meanwhile, bitcoin dropped about 5% to roughly $63,000 – about $10,000 below last week's record high. MicroStrategy tends to trade in tandem with the cryptocurrency. Key catalysts like spot bitcoin exchange traded funds and the upcoming"halving" event in April — which cuts the bitcoin mining reward in half to limit the supply — have helped buoy the flagship crypto and the stocks tied to its performance.MicroStrategy launched as a provider of enterprise software, but began employing an aggressive bitcoin buying strategy in 2020 and has primarily traded as a proxy for the crypto's price since then.
MIcroStrategy's stock is now up 108% this year compared to bitcoin's 50% run – both began turning lower last week as investors took profits.31-year-old earns $220,000 a year and saves 75% of his salary by living with his parents: ‘I'm grateful for this choice'
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