Business - Market Data
Updated: March 12, 2021

Laser-Eyes: MicroStrategy Shares Drop After Fresh Bitcoin Purchase

By Oluwatosin Ogunjuyigbe
March 12, 2021
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MicroStrategy Inc. disclosed on Friday that it just spent $15 million to buy 262 bitcoins, for an average price of $57,146, including fees.

Shares of the enterprise software and bitcoin holder fell 4.5 percent in premarket trading, while bitcoin dropped 3.2 percent. MicroStrategy now owns about 91,326 bitcoins, which it bought for $2.21 billion at an average price of $24,214 per bitcoin. At current prices, that bitcoin holding would be valued at about $5.1 billion.

Michael Saylor, the business intelligence firm's founder, is known for his strong support of the digital asset. The 56-year-old has continously expressed his conviction and has been one of the lead campaigners for the cryptocurrency.

MicroStrategy's stock has soared 181.1 percent over the past three months through Thursday, while bitcoin has run up a whole 209.4 percent.