Microstrategy, the data analytics firm run by billionaire cryptocurrency bull Michael Saylor, announced another major investment in bitcoin on Monday morning, doubling down on its staggering commitment to the world’s largest cryptocurrency as the nascent market from a nearly 15% correction this month. The reels and threat of a new version of the coronavirus.
In a regulatory filing on Monday, Virginia-based MicroStrategy, which owns more bitcoins than any other corporation in the world, reveal It bought approximately 7,002 bitcoins between October 1 and November 29 at approximately $414.4 million in cash, or $59,187 per coin.
The company says it now has about 121,044 bitcoins that have been purchased for about $3.6 billion, or the average price of each bitcoin at $29,534.
Its latest investment comes as the price of bitcoin struggles near a seven-week low, as a newly identified coronavirus variant, called Omicron, tanked the broader market on Friday.
At around $57,000 on Monday morning, the bitcoin price is down almost 18% from its all-time high of around $69,000 earlier this month, but it is still up 94% over the past year.
MicroStrategy used proceeds from a previously reported stock sale in June to help fund the purchase, which has so far raised approximately $414.4 million through the sale of 571,000 shares in the fourth quarter.
Shares of MicroStrategy, which has also used newly issued debt to buy bitcoin during the pandemic, jumped nearly 4% in pre-market trading on Monday and are up nearly 60% this year, despite falling 5.4% on Friday.