MicroStrategy buys bitcoin worth $615.7 million

CHENNAI: Software firm MicroStrategy said last Wednesday it had bought bitcoin worth about $615.7 million in cash, amid growing expectations that the top US markets regulator will soon approve a spot bitcoin exchange traded fund (ETF).

The company and its subsidiaries purchased about 14,620 bitcoins at an average price of roughly $42,110 between Nov 30 and Dec 26, as per a regulatory filing.

MicroStrategy’s move to buy bitcoin to protect the value of its reserve assets has helped strengthen the appeal of the firm’s stock, which tends to move in tandem with the digital asset, as per an agency report.