Important points
MicroStrategy (MSTR) has purchased more Bitcoin (BTCUSD) over the past week, marking the eighth consecutive week the company has purchased more of the digital currency.
The software company-turned-Bitcoin buyer said in a filing with the Securities and Exchange Commission (SEC) on Monday that it sold 2,138 Bitcoins between Dec. 23 and Dec. 29 at an average price of $97,837. He said he spent about $209 million in cash to make the purchase. The company currently holds 446,400 Bitcoins.
Shares of MicroStrategy, which joined the Nasdaq 100 last week, have fallen more than 6% in recent trading due to falling Bitcoin prices. The cryptocurrency has recently been trading around $92,500, down from last week’s high of about $99,000 and its all-time high of $108,000 two weeks ago.
Purchase a portion of MicroStrategy’s 21/21 strategy
Bitcoin purchases over the past week were funded through at-the-market (ATM) stock sales as part of MicroStrategy’s previously announced “21/21” strategy. The 21/21 plan is the company’s strategy to raise $42 billion in capital by selling new stocks and bonds to buy more Bitcoin.
MicroStrategy also reported a year-to-date “Bitcoin yield” of 74.1% in Monday’s filing. This indicator measures the growth in the number of Bitcoins per share owned by MicroStrategy.
