Bitcoin firm MicroStrategy pops 27% in two days as companys crypto stake hits $11 billion
Summary
MicroStrategy CEO Michael Saylor speaks at the Bitcoin 2021 Convention, a crypto-currency conference held at the Mana Convention Center in Wynwood on June 04, 2021 in Miami, Florida. The company said on Monday that it acquired an additional 3,000 bitcoins for a total of $155 million between Feb. 15 and Feb. 25. Michael Saylor, the companys chairman and ex-CEO and one of the cryptocurrencys principal evangelists, touted the latest purchase in a post on X, noting that MicroStrategys average purchase price over time is $31,544. Founded in 1989, MicroStategy has a business in enterprise software and cloud-based services, but its shareholder value is almost entirely tied to its bitcoin ownership, effectively making the company a proxy for the worlds biggest cryptocurrency. During MicroStrategys latest earnings call on Feb. 7, CFO Andrew King said the company is "the largest corporate holder of bitcoin in the world, and we have remained committed to our bitcoin acquisition strategy with the highest conviction."
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