Benzinga | Dec 5, 2020 02:40PM EST

MicroStrategy Buys $50 Million Worth Of Bitcoin, Topping Up Holdings To $766M

MicroStrategy Incorporated (NASDAQ:MSTR) has bought $50 million worth of Bitcoin in cash, the company's CEO announced on Twitter.

What Happened: The company acquired 2,574 bitcoins for $50 million in cash at $19,427 per bitcoin, according to the related SEC filing.

MicroStrategy now holds 40,824 bitcoins. That's an approximate valuation of $766.6 million, as of this afternoon. It previously purchased 16,796 bitcoins worth roughly $175 million in September, CoinDesk reported.

Talking to CoinDesk in November, Saylor said Bitcoin is "a million times better" than gold.

What's Next: During a virtual investor day in November, the company mentioned it was exploring Bitcoin data and analytics products for its customers, according to The Block.

Price Action: MicroStrategy shares closed 1.22% lower, at $324 in post-market trading.

Bitcoin traded at $19,107.54 at press time, gaining 0.78% over 24 hours.