MicroStrategy buys over 3,000 more Bitcoin

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TL;DR Breakdown

  • MicroStrategy buys over 3,000 more BTC.
  • BTC investment in line with CEO’s promise in Q2.
  • Firm now owns over $5.3bn BTC worth.

American business intelligence firm, MicroStratrgh has again invested a huge amount in Bitcoin. The firm has Bought 3,907 Bitcoin.

This is according to a Form 8-K filing with the Security and Exchange Commission publication on Tuesday. MicroStrategy made the investment between July 1 and August 23.

CEO Michael Saylor also made the announcement in a tweet explaining that it was MicroStrategy’s investment for the third quarter. The SEC document revealed that MicroStrategy spent an average of $45,294 to acquire the additional Bitcoin.

The figures in the SEC document were all confirmed by Michael Saylor. The purchase also is in line with saylor’s promise when the firm rolled out its Q2 earning.

With Bitcoin trading above $49,000, the company now holds 108,992 Bitcoins worth over $5.3 billion.

MicroStrategy becomes firm with largest BTC stash

The firm ‘s 108,992 BTC is bought at an average of $26,769 per BTC.

MicroStrategy announced its first Bitcoin purchase back in August 2020 and has consistently added to its BTC position. CEO Saylor also became a crypto enthusiast at that time, encouraging other firms to do the same.

The firm has acquired so much BTC after it sold off its class A common stock in Jeffries, an ATM facility. Recently, MicroStrategy sold an aggregate of 238,054 shares of the ATM facility to fund its Bitcoin investment.

No public company globally has more BTC than the firm. It has positioned its firm as a leader in the Bitcoin space by advocating for and helping other firms, such as Tesla, to convert their balance sheets from dollars to Bitcoin.

Ultimately, the firm continues to lead Bitcoin investment among companies as it does not partake in any Bitcoin lending or invest in any other cryptocurrency.

It’s sole strategy is to buy Bitcoin with cash and hold it till infinity. During an interview with Ray Dalio, Saylor said the firm would never sell any of its Bitcoin but hold it for the next 100 years.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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