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MicroStrategy Increases Its Ownership With Additional Bitcoin Purchase

Reports said that MicroStrategy has increased its BTC ownership with the additional purchase.

It has been reported that MicroStrategy CEO Michael Saylor announced the purchase of 5,050 BTC for about $242.9 million at an average of $48,099 per coin. In a Form 8-K filing with the United States Securities and Exchange Commission, MicroStrategy stated that it had added 8,957 BTC to its corporate Bitcoin treasury in Q3 2021.

However, as previously reported, MicroStrategy recently bought 3,907 BTC at the cost of about $177 million between July 1 and August 23. After the latest Bitcoin acquisition, the company now holds about 114,042 BTC acquired at an aggregate purchase cost of $3.16 billion. Given the current BTC spot price, the company's Bitcoin holdings are valued at over $5 billion.

The report said that according to the Form 8-K document, MicroStrategy's Bitcoin cost comes down to about $27,713 per BTC, including fees and sundry expenses. The additional 5,050 BTC purchase is yet another indication of its intention to expand its Bitcoin position. Despite paper losses on its Bitcoin investment in Q2, MicroStrategy has stated its Bitcoin appetite remains unaffected.

Likewise, since announcing its maiden BTC purchase back in August 2020, the business intelligence company has bought more Bitcoin, becoming the largest corporate holder of the largest crypto by market capitalization among publicly traded firms in the United States.

Thus, Saylor has also become a prominent Bitcoin proponent, regularly encouraging other US firms to add BTC to their balance sheets.

Source: Cointelegraph




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