Shares of MicroStrategy Inc.
MSTR,
shot up 8.5% in premarket trading Wednesday, after the enterprise software and bitcoin holder said it bought spent $1.03 billion to buy an additional 19,452 bitcoins, at an average price of $52,765 per bitcoin, including fees. Bitcoin futures
BTC.1,
were last up 6.3% at $50,660, after falling 14.2% over the past two days. MicroStrategy said as of Wednesday, it held 90,531 bitcoins, which were purchased for $2.17 billion at an average price of about $23,985 per bitcoin. “The company now holds over 90,000 bitcoins, reaffirming our belief that bitcoin, as the world’s most widely-adopted cryptocurrency, can serve as a dependable store of value,” said Chief Executive Michael Saylor. “We will continue to pursue our strategy of acquiring bitcoin with excess cash and we may from time to time, subject to market conditions, issue debt or equity securities in capital raising transactions with the objective of using the proceeds to purchase additional bitcoin.” MicroStrategy’s stock, which had tumbled 28.3% over the past two days as bitcoin prices dropped, has soared 179.6% over the past three months through Tuesday, while bitcoin futures have run up 165.8% and the S&P 500
SPX,
has gained 6.8%.
