MicroStrategy Incorporation MSTR announced the purchase of additional Bitcoin as the publicly-traded company continues to add to its holding of Bitcoin.
What Happened: MicroStrategy announced it purchased an additional 29,646 Bitcoin in a press release Monday. The purchase price was $650 million with Bitcoin bought at an average price of $21,925.
MicroStrategy now holds 70,470 Bitcoin as of Dec. 21. The Bitcoin were bought at an average of $15,964 each. MicroStrategy paid $1.125 billion for the Bitcoin.
“The acquisition of additional bitcoins announced today reaffirms our belief that bitcoin, as the world’s most widely-adopted cryptocurrency, is a dependable store of value,” said MicroStrategy CEO Michale Saylor.
Related Link: 8 Stocks To Play Bitcoin’s Resurgence
Why It’s Important: The 70,470 Bitcoin are worth $1.6 billion based on Monday’s Bitcoin price of $23,057. Citron Research called MicroStrategy the best investment route and the only safe and cost-effective way to get exposure to Bitcoin.
Grayscale Bitcoin Trust GBTC is another way for investors to get pure-play Bitcoin exposure. The trust is up 260% year-to-date. Investors pay a premium to get the exposure to Bitcoin, which was one of the reasons Citron said investors should choose MicroStrategy.
MSTR Price Action: Shares of MicroStrategy are trading up slightly to $302 at publication time. Shares are up 111% year-to-date.
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