MicroStrategy buys more bitcoin for over $ 414 million in cash

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Software company MicroStrategy said on Monday it had purchased an additional 7,002 bitcoins for around $ 414.4 million in cash.

The company bought these bitcoins at an average purchase price of $ 59,187 per coin. He bought these bitcoins as part of his purchase in the fourth quarter, that is, during the period between October 1 and November 29.

MicroStrategy now holds a total of 121,044 bitcoins, worth nearly $ 7 billion at current prices. The company is currently sitting on a huge paper profit of over $ 3 billion as it purchased these bitcoins at an aggregate purchase price of $ 3.57 billion. Its average purchase price is around $ 29,534 per bitcoin, and bitcoin is currently trading at around $ 57,280.

While MicroStrategy’s bitcoin bet is paying off so far, what if bitcoin crashes at some point in the future? Some observers recently told The Block that if the price of bitcoin plunges enough, MicroStrategy could struggle to pay off its over $ 2 billion debt it incurred to buy its bitcoin.

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