MicroStrategy bought nearly $500 million worth if bitcoin as prices fell

MicroStrategy Inc.
said Monday it spent about $489 million in cash to buy an additional 13,005 bitcoins for an average price of about $37,617 per bitcoin, including fees. The purchase comes on a day that bitcoin
tumbled 9.3%, which puts it on track for the lowest close in 4 1/2 months, and is now about 49% below its record close in April. Shares of the enterprise software and bitcoin play, which has said it uses bitcoin as its primary treasury asset, dropped 7.5% in premarket trading. The company said as of June 21, it has spent about $2.74 billion to buy 105,085 bitcoins, at an average price of $26,080. MicroStrategy’s stock has run up 66.4% year to date through Friday, while bitcoin has advanced 11.7% and the S&P 500
has gained 10.9%.

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