CEO Michael Saylor announced in a tweet Monday that the latest purchase was made at an average price of $21,925 per bitcoin (BTC, -2.13%). The business intelligence firm now has 70,470 BTC worth over $1.596 billion in its treasury reserve. Saylor said in the tweet that MicroStrategy has spent $1.125 billion on bitcoin to date, at an average price of $15,964 per bitcoin. MicroStrategy held a $650 million convertible senior note sale in early December to raise funds for this allocation. Previous purchases relied on a $500 million glut in its corporate balance sheet. Issuing debt to buy bitcoin is a bold bet for any publicly-traded company, especially for one whose business model does not even center on cryptocurrencies. CEO Michael Saylor has brushed aside all criticism nonetheless.
