Software firm MicroStrategy, led by crypto bull Michael Saylor, has bought Bitcoin, keeping its promise to continue buying more of the leading digital currency.
The company reported in a Securities and Exchange Commission filing on Monday that it purchased 7,002 Bitcoins between October 1 and November 29 at a cost of $414 million. This transaction brought the total number of BTC held by the company to 121,044 tokens.
The company paid an average of $59,187 per Bitcoin at a time when the cryptocurrency was rising and then falling back. Bitcoin started surging in October amid the excitement of the SEC approval of the first Bitcoin futures ETF. According to data from CoinGecko, it hit a record high of $69,044 on Nov.
Despite the cryptocurrency’s price movements, MicroStrategy CEO Saylor has pledged to continue to increase the stock of Bitcoin in the years to come.
MicroStrategy currently has a total of 121,044 Bitcoins received at an average price of $29,534 per token. At current prices, his holdings are worth about $6.89 billion – but it cost the company $3.57 billion to buy, according to the filing.
MicroStrategy’s stock rose 2.83% to $681.73 in Monday morning trading and is up nearly 75% so far this year.
While MicroStrategy is seen as the leader, some other leading companies have also made big bets on Bitcoin. Elon Musk’s electric car maker Tesla owns 42,902 Bitcoins worth $2.45 billion. Jack Dorsey’s digital payments company Square has 8,027 Bitcoins worth $459.5 million, while Mike Novogratz’s Galaxy Digital has 6,400 Bitcoins worth $938.8 million.