Wednesday, July 6

MicroStrategy just bought another $489 million in bitcoin to add to its vast trove of the cryptocurrency

MicroStrategy said Monday it spent roughly $489 million to purchase approximately 13,005 bitcoins for an average price of about $37,617 per coin. Bitcoin has fallen sharply in recent days and dropped 8% on Monday to $32,590.

Bitcoin bull Michael Saylor’s company now holds an aggregate of approximately 105,085 bitcoins, which were acquired at an aggregate purchase price of approximately $2.741 billion and an average purchase price of approximately $26,080 per bitcoin.

The last time MicroStrategy announced a large bitcoin purchase was in February, when the company purchased approximately 19,452 bitcoins for about $1.026 billion in cash at an average price of $52,765 per bitcoin, inclusive of fees and expenses.

The recent dips in bitcoin haven’t undermined Saylor’s steadfast bullishness. Last week, MicroStrategy filed to sell as much as $1 billion in common shares in part to fund additional bitcoin purchases. The company also completed the sale of $500 million in high-yield senior secured notes, offered so it could buy more bitcoin.

Shares of MicroStrategy were down 7.65%, trading around $596, shortly after the opening bell on Monday.