MicroStrategy Returns to Bitcoin With $370 Million Buy

MicroStrategy is back on the market. The company recently purchased 4,603 Bitcoin for a total of $369.7 million. This move marks the end of a ten week break from buying and represents the first major acquisition since the firm updated its balance sheet strategy back in June.

The firm paid an average price of $80,318 for each coin during the week ending August 30. This purchase brings the company total deeper into the black as it continues to execute its long term plan to accumulate as much Bitcoin as possible for its corporate treasury.

This aggressive buying behavior shows that MicroStrategy remains committed to its Bitcoin focused business model. Market watchers are now keeping a close eye on the stock to see how the market reacts to this return to form. The company now holds a massive amount of Bitcoin, which continues to influence its financial position in the eyes of investors.