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Tuesday, January 31, 2023

MicroStrategy (NASDAQ: MSTR) Announces Purchase Of Additional Bitcoins

MicroStrategy Incorporated (NASDAQ: MSTR) has joined the queue of other big firms in purchasing bitcoins. The firm has bought nearly 19,452 bitcoins for nearly $1.026 billion in cash at an average price of nearly $52,765 per bitcoin, completing the charges and other expenditures.

As of today, the firm has owned nearly 90,531 bitcoins. These bitcoins were purchased by the firm at a total buying price of nearly $2.171 billion and an average buying price of nearly $23,985 per bitcoin also including the charges and other expenditures. The firm is moving forward intending to pursue its two-corporate strategy.

One strategy of MicroStrategy is to advance its analytics software business and purchase and own bitcoins. MicroStrategy is currently the owner of 90, 000 bitcoins. After purchasing the bitcoins, the share of the firm has gained +57.41 at $748.64 at the time of writing on Wednesday. MSTR share went up 8.31% during the trading session of Wednesday.

The bitcoins purchase news has excited the shares of the firm. MSTR believed that currently, bitcoin is the most adopted cryptocurrency in the world. MSTR showed its intent that in the future it will buy more bitcoins and will offer securities to raise profit for the purchase of bitcoins.

MicroStrategy is intending to run a profitable business intelligence firm. The bitcoin strategies of the firm are compatible with the software business of the firm. It is hoping to promote its business by offering new opportunities to attract consumers. MicroStrategy has a total market capitalization of $6.38 billion at the time of writing.

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