Bitcoin: Strategy Buys 7,390 Bitcoins for $765 Million
Time and again. MicroStrategy, now rebranded as Strategy, continues to accumulate Bitcoin just as other companies collect stamps or postcards. Michael Saylor's company regularly announces the purchase of several thousand Bitcoins approximately every two months.
Today, on May 19, Strategy announced via a press release the purchase of 7,390 BTC at an average price of $103,500 per unit, representing a total investment of $764.9 million. In total, the company now holds 576,230 Bitcoins acquired for nearly $40.18 billion at an average price of $69,726 per Bitcoin. At the current price of around $102,000, this represents a latent capital gain exceeding $19 billion, or about 47% profit.
But while everything seems to be going well for Michael Saylor's company, a document submitted to the Securities and Exchange Commission reveals a class-action lawsuit against the company and its executives. The U.S. Securities and Exchange Commission accused CEO Michael Saylor, President Phong Lee, and Executive Vice President and CFO Andrew Kang of failing to properly inform investors about the nature of the Bitcoin investments.
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