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MicroStrategy pays $240 million to purchase additional bitcoins

Following this new BTC buy, the company’s Q3 Bitcoin spending currently stands at approximately $420 million.

On Monday, business analytics company MicroStrategy revealed an increase in its BTC holdings with the announcement of a new acquisition.

Chief Executive Officer Michael Saylor said that the company has purchased 5,000 bitcoins for $242.9 million, or $48,099 per coin on average.

On Monday, MicroStrategy said that it has contributed 8,957 BTC to its corporate Bitcoin treasury during the third quarter of 2021, according to a Form 8-K filing with the United States Securities and Exchange Commission.

MicroStrategy purchased 3,907 BTC for $177 million between July 1 and August 23.

The business currently owns roughly 114,042 Bitcoins, which cost $3.16 billion in total. Given the current spot price of BTC, the company’s Bitcoin holdings are valued at over $5 billion, according to CoinMarketCap.

Including fees and other charges, MicroStrategy’s Bitcoin costs come out to roughly $27,713 per BTC.

As a result of the new 5,050 BTC acquisition, it is clear that the company plans to increase its Bitcoin holdings in the future.

MicroStrategy’s desire for Bitcoin remained unchanged in Q2 despite paper losses on its Bitcoin investments.

Ever since its first Bitcoin purchase in August 2020, the business intelligence company has continued to buy Bitcoin, becoming the largest corporate holder of Bitcoin by market value among publicly listed businesses in the United States.

In recent years, Saylor has been a major proponent of Bitcoin, often urging other U.S. companies to incorporate BTC to their balance sheets.

Bitcoin’s price has fallen by approximately 3 percent in the previous 24 hours, which coincides with the news of the acquisition.

MicroStrategy pays $240 million to purchase additional bitcoins
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