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MicroStrategy CEO Michael Saylor announced that the company would be buying an additional 19,452 bitcoins (BTC) for $1.026 billion at an average price of $52,765.

As of Feb. 24, the company hodls 90,531 BTC, which were acquired for $2.171 billion, at an average price of $23,985 per coin, Saylor detailed in a tweet.

The company made the purchase after raising $1.05 billion from its sale of convertible bonds earlier this month. MicroStrategy had made a similar purchase from the sale of bonds in December 2020.

MicroStrategy has purchased an additional ~19,452 bitcoins for ~$1.026 billion in cash at an average price of ~$52,765 per #bitcoin. As of 2/24/2021, we #hodl ~90,531 bitcoins acquired for ~$2.171 billion at an average price of ~$23,985 per bitcoin. $MSTRhttps://t.co/FbsRYhXEhn

This news comes as the price of MicroStrategy’s ($MSTR) stock has fallen nearly 50% from its peak on Feb. 9, according to data from skew.

Although the price had corrected somewhat from that Feb. 8 boost, due to Tesla’s $1.5 billion bitcoin (BTC) acquisition, it has been hit especially hard over the past few days.

This is largely due to bitcoin’s price dropping from a high of nearly $60,000 on Feb. 21, down to $44,850 on Feb. 23. BTC has since risen and is trading up from the lows around $49,000.

Despite BTC’s fall negatively impacting $MSTR stock, MicroStrategy likely chose a wise time to purchase more BTC, during the retracement.

MicroStrategy first started accumulating BTC last summer. Since then, it has been grabbing every opportunity to buy more. In Dec. 2020, it purchased $50 million in BTC. In Feb. 2021, it purchased another $10 million in BTC, not to mention the purchases made from the senior convertible note sales.

Since so much of its portfolio is tied to BTC, MicroStrategy’s stock price has become somewhat tethered to it. This phenomenon is also reported to be the case for Tesla.

On Feb. 22, Tesla’s stock dropped 8.5% to $697. The following day, shares of Tesla fell more than 11%. This is the lowest Tesla has traded since September. Daniel Ives, an analyst at Wedbush, shared these findings with CNBC:

“Musk is now tied to the bitcoin story in the eyes of the Street.”

The post MicroStrategy Buys Nearly 20,000 BTC for $1.026 Billion appeared first on BeInCrypto.

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