MicroStrategy, a business intelligence company, has purchased 1,914 more Bitcoins (BTC/USD). The company’s CEO, Michael Saylor, announced the news today, noting that the company spent $94.20 million (£69.83 million) on December 29 to acquire these coins. According to reports, this purchase brings MicroStrategy’s total BTC holdings to 124,391 coins.
At the time of writing, BTC was at $47,512.32 (£35,222.07), having fallen 0.39% in the last 24 hours. At this price, MicroStrategy’s shares are worth about $5.90 billion (£4.37 billion). Having spent $3.75 billion (£2.78 billion) on the 124,341 BTC, the company has made more than $2.15 billion (£1.59 billion) in profits.
MicroStrategy began its BTC journey in August 2020 with a $250 million (£185.28 million) investment. Since then, the company has purchased BTC with cash. MicroStrategy also issued convertible senior notes to raise more funds to buy the flagship cryptocurrency.
While that decision drew a lot of criticism, Saylor has stayed true to his belief that BTC is the next big thing by directing the company to invest more money in the cryptocurrency, as evidenced by yesterday’s purchase.
The news comes after MicroStrategy’s chief financial officer (CFO), Phong Le, and chief technology officer (CTO), Timothy Lang, liquidated about 30% of the options they received as compensation.
Lang reportedly exercised 10,000 of the options granted to him on Aug. 26 and later sold all of the converted shares for about $7.10 million (£5.26 million). Le, on the other hand, exercised 20,000 options between Aug. 2 and Aug. 6. He then sold the shares in exchange for just over $7.30 million (£5.41 million).
Despite liquidating such a large number of shares, both executives still hold about 20,000 options each.
This news comes at a time when MicroStrategy’s (MSTR) stock continues to perform poorly due to the company’s close ties to the crypto market. At the time of writing, MSTR’s share price is $571.15 (£423.37), having crashed from $721.43 (£534.77) earlier this month. The current share price is less than half of its yearly high of $1,272.94 (£943.59).