MicroStrategy discloses new $50 million bitcoin buy

The publicly traded business intelligence firm MicroStrategy has bought $50 million in Bitcoin.

CEO Michael Saylor disclosed the move in a late afternoon tweet on Friday.

"MicroStrategy has purchased approximately 2,574 bitcoins for $50.0 million in cash in accordance with its Treasury Reserve Policy, at an average price of approximately $19,427 per bitcoin," Saylor wrote in the tweet. "We now hold approximately 40,824 bitcoins."

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The move was perhaps expected, given that during its Q3 earnings call, the firm said that it would spend excess cash beyond its $50 million in day-to-day operating cash on bitcoin "subject to market conditions and business needs."

Some back-of-the-napkin math indicates that, based on its previous purchases, MicroStrategy's average cost per bitcoin is $11,635. All told, the total value of its bitcoin holdings is worth roughly $766.6 million.

Beyond just holding bitcoin, MicroStrategy is also looking at ways it might offer bitcoin data products and services as part of its wider business offering, as previously reported.