MicroStrategy Distributes $ 240 Million On Additional Bitcoin Purchase

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Business intelligence firm and Bitcoin (BTC) corporate whale MicroStrategy increased its ownership of BTC with the additional purchase announced on Monday.

MicroStrategy CEO Michael Saylor announced the purchase of 5,050 BTC for around $ 242.9 million at an average of $ 48,099 per coin.

In a Form 8-K filed with the U.S. Securities and Exchange Commission released on Monday, MicroStrategy said it added 8,957 BTC to its Bitcoin corporate treasury in the third quarter of 2021.

As previously reported by Cointelegraph, MicroStrategy recently bought 3,907 BTC at a price of around $ 177 million between July 1 and August 23.

As a result of Bitcoin’s latest acquisition, the company now owns around 114,042 BTC acquired at an overall purchase cost of $ 3.16 billion. Considering the current spot price of BTC, the company’s Bitcoin holdings are valued at over $ 5 billion.

According to the Form 8-K document, MicroStrategy’s Bitcoin cost is approximately $ 27,713 per BTC, including miscellaneous fees and expenses.

The additional purchase of 5,050 BTC is another indication of its intention to expand its Bitcoin position. Despite the paper losses on its Bitcoin investment in the second quarter, MicroStrategy said its appetite for Bitcoin was not affected.

Related: Insiders Sold MicroStrategy Shares After Bitcoin Bullish Race

Since announcing its first BTC purchase in August 2020, the business intelligence firm has bought more Bitcoin, becoming the largest company with the largest crypto by market capitalization among publicly traded companies in the United States. United.

Saylor has also become a prominent supporter of Bitcoin, regularly encouraging other US companies to add BTC to their balance sheets.

Monday’s buy announcement comes amid a decline in Bitcoin prices, with BTC dropping nearly 3% in the last 24 hours of trading.

The total cryptocurrency market cap fell more than 4% as token prices fell on Monday.

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