MicroStrategy’s board approved a $1 billion increase to the company’s digital credit securities repurchase program, bringing its total authorization to $3 billion. The securities are backed by the company’s bitcoin holdings.
From October 12 to October 18, MicroStrategy acquired 267 bitcoins. The purchase cost approximately $22.1 million.
The company now holds 848,517 bitcoins. It acquired them at an average price of $75,446 per bitcoin.
MicroStrategy funded its latest bitcoin purchase with proceeds from the sale of its Class A common stock.