MicroStrategy Buys Another $1.1 Billion of Bitcoin — WSJ

By Vicky Ge HuangThe software-intelligence company turned bitcoin-holding entity said Monday it recently bought another $1.1 billion of bitcoin.MicroStrategy said it bought 10,107 bitcoins between last Tuesday and Sunday.It paid an average of $105,596 per token in cash, including fees and expenses.It now holds about 471,107 bitcoins worth about $47 billion.MicroStrategy has funded its massive bitcoin purchases by selling a mixture of stock and debt, including convertible bonds-debt that can eventually be converted into shares, if the stock price rises to a specified level.In the fall, MicroStrategy said it would raise $21 billion each of debt and equity over three years to fund bitcoin purchases. The recent buying leaves the company just $4.35 billion away from its three-year target for stock sales.The Tysons Corner, Va.-based company also said Monday that it will issue 2.5 million units of so-called "perpetual strike preferred stock".This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).