MicroStrategy (NASDAQ:MSTR) stock is in the news Tuesday after the artificial intelligence (AI)-powered data analytics company revealed it bought more Bitcoin (BTC-USD).
This saw MicoStrategy add another 9,245 BTC to its holdings. The company now holds roughly 214,246 BTC with a current value of about $13.5 billion. The firm has spent $7.53 billion on Bitcoin to date with the average price paid sitting at $35,160 per coin.
MicroStrategy bought this new BTC for $623 million, which comes to about $67,400 per coin. It spent $592.3 million from its latest convertible debt offering and $30.7 million of cash on hand for the BTC.
How This Affects MSTR Stock
MSTR stock is down on Tuesday as the price of Bitcoin has dropped to $62,899.20 per coin as of this writing. Considering it paid more in its recent BTC buy, it makes sense that the drop in the crypto’s price would pull MicroStrategy shares down.
This also brings heavy trading to MSTR stock today. That has more than 2.3 million shares traded as of this writing. The company’s daily average trading volume is below that at about 2 million shares.
MSTR stock is down 12.8% as of Tuesday morning. However, its shares are still up 98.3% since the start of the year.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
