MicroStrategy has announced another bitcoin acquisition. Their cryptoasset investment fund has acquired more than 4.000 bitcoins.
According to a statement from MicroStrategy, the bitcoins’ purchase was gradually processed between February 15 and April 4, 2022. In total, the platform disbursed US$ 190.5 million for the cryptoassets.
Thus, considering the average price of the lot of bitcoins, the company paid US$ 45.714 per unit. Prior to the new cryptoassets acquisition, MicroStrategy resorted to borrowing money.
Bitcoins cost US$190 million
Through Silver Bank, the investment company applied for a loan using their bitcoins as collateral for the first time. With the approval of the loan, MicroStrategy received US$ 205 million in a line of credit.
Thus, it was enough to cover the purchase of 4.167 bitcoins. The purchase of digital currency took place over 49 days, which means an acquisition of almost 85 units per day.
Although MicroStrategy increased its position in bitcoins, the purchase of new cryptocurrencies directly impacted the value of the company’s shares on the stock exchange.
Instead of going up with the capital increase with the cryptoassets, the platform’s shares fell by 1% right after the announcement of the new batch of bitcoins. Moreover, the average price paid by MicroStrategy is well above the cryptoasset’s current market value.
As shown on CoinMarketCap, on Wednesday morning (13), bitcoin was quoted at US$ 40,503.13. The digital currency has accumulated a weekly depreciation of 8.12%.
Therefore, compared to the average amount paid by MicroStrategy, bitcoin has plummeted more than 10% since the beginning of April 2022, as the company paid US$ 45,714 for each BTC.