MicroStrategy bought nearly $500 million worth if bitcoin as prices fell

MicroStrategy Inc.
+ 2.48%

said Monday it spent about $ 489 million in cash to buy an additional 13,005 bitcoins at an average price of about $ 37,617 per bitcoin, including fees. The purchase comes on a day when Bitcoin

fell 9.3%, its lowest close in 4 1/2 months, and is now about 49% below its record close in April. Corporate software and bitcoin game stocks that said it uses bitcoin as its primary asset, fell 7.5% in pre-trading. The company announced on June 21 that it had spent approximately $ 2.74 billion to buy 105,085 bitcoins at an average price of $ 26,080. MicroStrategy stock is up 66.4% year-to-date through Friday, while Bitcoin is up 11.7% and the S&P 500

has increased by 10.9%.

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