MicroStrategy reveals additional $10 million bitcoin bet, bringing its total holdings close to 100,000 bitcoins

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MicroStrategy has boosted its investment in bitcoin again and now owns almost 100,000 tokens. 

The publicly-traded business intelligence company revealed an additional $10 million bitcoin bet in a filing registered with the Securities and Exchange Commission on Friday.

The company said it bought about 205 bitcoins at an average price of $48,888 per coin, inclusive of fees and expenses.

As of March 5, MicroStrategy holds about 91,065 bitcoins that were purchased for $2.2 billion at an average price of $24,119 per coin. The total value of its bitcoin holding at the time of writing would equate to $4.4 billion.

The price of bitcoin hovered around $48,325 on Friday. Its price has fallen 8% in the past week, alongside rises in bond yields, but is still up 70% year-to-date. “Bitcoin remains highly correlated with bond prices,” said Edward Moya, a senior market analyst at OANDA. “The bond market selloff is showing some signs of stability and that could mean the bitcoin pullback is nearing its end.”

Shares in MicroStrategy are up 64% year-to-date.

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Read the original article on Business Insider