Buy the dip – MicroStrategy bought 314 bitcoin for $10 million

MicroStrategy bought 314 bitcoin for $10 million on Friday, the coins cost an average of $31,808, bring its total hoard to 70,784 BTC, CEO Michael Saylor tweeted today.

On Dec.11 MicroStrategy raised $650 million worth of convertible senior notes at a rate of 0.750% due in 2025, up from a recently boosted $550 million, in a convertible senior note sale designed to allow the company to buy more bitcoin. At $650 million, MicroStrategy can purchase over 36,300 BTC at current prices.

“MicroStrategy intends to invest the net proceeds from the sale of the notes in bitcoin in accordance with its Treasury Reserve Policy pending identification of working capital needs and other general corporate purposes.” said in the press release.

Last year, Massachusetts Mutual Life Insurance Company (MassMutual), founded in 1851, bought $100 million of bitcoin for its general investment account, making it one of the largest corporate holders.

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