MicroStrategy Buys Another 205 Bitcoins, Now Owns 91,064 Bitcoins

Business intelligence firm MicroStrategy disclosed on Friday that it just spent $10 million in cash to buy 205 bitcoins. From a report: The enterprise software and bitcoin holder said it paid an average price of $48,888 for each bitcoin, including fees. The company said as of March 5, it holds about 91,064 bitcoins, which were acquired at total spend of $2.20 billion at an average price of about $24,119 per bitcoin. MicroStrategy's stock has soared 96.9% over the past three months through Thursday, while bitcoin prices have rocketed 156.4% and the S&P 500 has gained 1.9%.

Thanks for the scoop.

[Fly Swatter]

What is this, bitcoin daily?

Re:

[Stonent1]

Must be stories by people who own bitcoin who want to boost it.

Re: Thanks for the scoop.

[agrisea]

What is the point of buying bitcoin when it isn't exactly legal currency?

Re:

[allcoolnameswheretak]

https://www.youtube.com/watch?... [youtube.com]

To the Bitcoin haters writing on Slashdot

[Anonymous Coward]

To the Bitcoin haters writing on Slashdot and upvoting the dumbest answers:

The problem is not you being uneducated. The problem is that you are educated just enough to believe what you have been taught, and not educated enough to question anything from what you have been taught. Richard Feynman

Re:

[wed128]

https://adityaviyer.files.word... [wordpress.com]

Thanks for the non sequitur

[OrangeTide]

Oil futures aren't legal currency either.

Re:

[jythie]

Selling it for money later?

Re:

[iggymanz]

All part of The Pump, next comes The Dump with The Bagholders, then the cycle begins anew.

Re:

[crgrace]

The circle of life. It's beautiful.

Re:

[alvinrod]

I think someone at $company that owns Slashdot knows that BitCoin stories rustle the jimmies better than anything else. More clicks, more comments, more money. Outrage sells.

Target for a heist?

[Z00L00K]

Isn't this how you become a target for a heist?

Re:

[Fly Swatter]

No it is a stock pump, owners of MicroStrategy stock are confusing the current market correction with their stock falling, they only bought stock in the company 'because bitcoin'. They need good news to feel better.

Re:

[wwphx]

I would laugh so hard if someone hacked them and corrupted their wallet (or whatever they're stored in at this level of buying) and made them irretrievable! ROFLMAO wouldn't begin to approach it.

What business are they in?

[magzteel]

I cant tell, what business is microstrategy in? It is supposed to be a software company but it is holding bitcoin valued at 1/3 of its total market cap.

They are losing money but their 52 week price range is 90.00 - 1,315.00. Today it is 553.

Yeah, this make a lot of sense

Re:

[ranton]

I cant tell, what business is microstrategy in? It is supposed to be a software company but it is holding bitcoin valued at 1/3 of its total market cap.

It seems their bitcoin holdings are much greater than 1/3 Microstrategy's market cap. Their market cap is $5.6 billion, and 91,064 Bitcoins are worth about $4.3 billion. So their bitcoin holdings are about 3/4 of their total worth.

Looks like Microstrategy is a bitcoin storage company. It makes sense that their stock gains follow the growth of Bitcoin closely considering that is most of the worth of the company.

Another bitcoin shill piece

[leathered]

And that is the worse thing about the whole world of crypto, the constant shilling. Even my spam folder, once dominated by penis growth pills, hot singles in my area and Nigerian princes wanting to give me their money; is now mostly Bitcoin scams. Cryptards are desperate for more people to join the Ponzi and inflate their bags.

As for Microstrategy, it's nothing more than a failing software company that's being run into the ground by a borderline insane CEO.

Re:Another bitcoin shill piece

[iggymanz]

When the nigerian princes promise you bitcoin, and the penis enlargers insist on it, then the era of crypto currency is really here.

Re:

[iggymanz]

No, Nigeria will continue to be a shithole with forty percent the people in poverty. Heavy investment in bitcoin can make it 50 plus percent

Re:

[future assassin]

At least with Nigerian scams we got this https://www.419eater.com/ [419eater.com]

Re:

[wwphx]

I'd forgotten about 419Eater, such fun they have. A friend of mine was a system engineer in IBM's AS/400 division and had all sorts of fun with the Windows scammers.

Re:

[jythie]

Sadly, you have a bunch of people who have pinned their self image and sense of identity to BTC's rising price, so gonna keep seeing a lot of boosting.

This news is pretty much a nothing of importance

[Z80a]

It's not even a significant number of coins, given how many they have.

Step 1

[ThomasBHardy]

Step 1 - Grab some bitcoins
Step 2 - Work to increase hype around bitcoins including buying more to show confidence.
Step 3 - Cash out
Step 4 - Watch for the price collapse as everyone bails.

Re:

[alvinrod]

Is that different than anything else that can be bought and sold? If someone wants to try a pump and dump with BitCoin all they've done is show that it functions like any other commodity that can be traded on an open market.

Where did the cash come from?

[ranton]

I'm curious where Microstrategy came up with $2.2 billion to buy bitcoin. They have a market cap of under $6 billion, and 3/4 of that is now just the value of their bitcoin. I wonder how much of that is borrowed money.

Recent stories from late last year and early this year show they have been selling unsecured convertible senior notes (a debt instrument) to buy these bitcoin. Borrowing money to buy so much bitcoin is very speculative for such a large company. I hope not all of it is borrowed money.

Re:

[alvinrod]

Do you think they could buy enough BitCoin to become too big to fail? Seems almost like a viable strategy given the usual government response.

Re:

[ceoyoyo]

Sounds good. Borrow money, buy bitcoin, it's low effort and when it goes bust the creditors are left holding the bag and you can go on and say you founded a tech company with $$$ market cap.

Real question is, where do you find so many suckers to loan you money?

Amigas

[Sebby]

while bitcoin prices have rocketed 156.4% and the S&P 500 has gained 1.9%.

By this logic, Amigas should be selling for a couple $Trillion each by now.

Re:

[cusco]

I understand that in Tijuana you can rent a couple of amigas for the night for just $50. Just what someone told me . . .

OMG!@~~!~!

[thegarbz]

Company I've never heard of bought a small amount of crap no one gives a shit about. Thanks Msmash for always answering the questions which no one had the courage to ask!

Time for a carbon tax

[hackertourist]

If you can afford to waste 78 TWh/y, you can afford to pay for the damage it causes.

Wanting to fail

[samwichse]

Do you ever just read a story summary and think "Man, I want these people to fail?"