Cryptocurrencies
MicroStrategy's Saylor Makes Smallest Bitcoin Buy in More Than 2 Years
- Michael Saylor dropped CEO role to focus on Bitcoin strategy
- Company may issue stock to raise cash for more Bitcoin buys
MicroStrategy co-founder Michael Saylor, left, during the Bitcoin 2021 conference in Miami, Florida.
Photographer: Eva Marie Uzcategui/BloombergThis article is for subscribers only.
MicroStrategy Inc., the largest corporate buyer of Bitcoin, made the smallest purchase of the cryptocurrency in more than two years after the company’s co-founder dropped his CEO title last month to focus on the company’s digital-asset strategy.
The enterprise-software maker bought 301 Bitcoin for about $6 million, at an average price of about $19,851, the company said in a US Securities and Exchange Commission filing Tuesday. The purchases were made with excess cash. The aggregate purchase is already underwater, with Bitcoin trading at less than $19,000.