MicroStrategy Incorporated (NASDAQ: MSTR) opened more than 8% down on Monday as China ordered a freeze on crypto mining. According to Global Times, over 90% of the country’s Bitcoin mining capacity is expected to shut down.
MicroStrategy has a multi-billion-dollar stake in Bitcoin that makes it one of the largest corporate BTC investor. The business analytics company, however, remains bullish on the world’s largest digital currency.
MicroStrategy invested another $489 million in Bitcoin
In an announcement on Monday, MicroStrategy said it bought another $489 million worth of Bitcoins. Accounting for fees and expenses, roughly 13,005 BTC were purchased at an average price of about $37,617.
Including Monday’s purchase, the largest independent publicly traded business intelligence company now holds close to 105,085 bitcoins in total. The aggregate purchase price of MicroStrategy’s holding in BTC stands at approximately $2.741 billion that values each Bitcoin at about $26,080 (average purchase price), including fees and expenses. The U.S. company’s subsidiary, MacroStrategy LLC, owns about 92,079 Bitcoins.
The news came shortly after MicroStrategy filed to sell additional stock worth $1 billion. Proceeds from the share sale, the Virginia-based firm confirmed, will be used to widen its investment in BTC.
CEO Saylor’s remarks on the company’s crypto holding
MicroStrategy became a notable name in the crypto community and on Wall Street in 2020 for its sizable investments in BTC. Last week on CNBC, CEO Michael Saylor highlighted that on a year-over-year basis, the company’s total revenue was 10% up.
“We rotated our shareholder base and transformed ourselves into a company that’s able to sell enterprise software and to acquire and hold Bitcoin, and we’ve done it successfully with leverage. That has increased the
