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MicroStrategy buys more Bitcoin as funding draws scrutiny

Bloomberg
Bloomberg • 3 min read
MicroStrategy buys more Bitcoin as funding draws scrutiny
With MicroStrategy’s recent increased Bitcoin purchases, the company has been buying tokens for an average purchase price above the average price of Bitcoin over four of the last five weeks it bought tokens. Photo: Bloomberg
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MicroStrategy bought another US$2.1 billion ($2.82 billion) in Bitcoin while its combination of equity and fixed income securities sales to finance the rapidly increasing acquisitions draws increased scrutiny. 

It was the fifth consecutive Monday that the Tysons Corner, Virginia-based firm announced purchases of the digital asset. Co-founder and Chairman Michael Saylor has accumulated Bitcoin now worth more than US$41 billion over the past four years after deciding that the small enterprise software maker needed to embark on a different path to survive.

He accelerated the strategy shift in October by announcing plans to raise US$42 billion over the next three years through an evenly split combination of at-the-market stock sales and convertible debt offerings. 

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