MicroStrategy Makes Fresh Bitcoin Purchase Worth Over $414 Million

MicroStrategy Buys 7,002 BTC

MicroStrategy founder and CEO Michael Saylor, announced the news of the latest BTC purchase via Twitter on Monday (Nov. 29, 2021). According to Saylor’s tweet, the company bought 7,002 bitcoin, which was purchased at an average price of $59,187 per coin.

MicroStrategy CEO also said that the recently purchased bitcoin was worth approximately $414.4 million. In a Form 8-k filing with the U.S. Securities and Exchange Commission (SEC) on November 29, the company said that the BTC was purchased during the fourth quarter of its fiscal year. An excerpt from the filing reads:

“The Company also announced that during the fourth quarter of the Company’s fiscal year to date (the period between October 1, 2021, and November 29, 2021), the Company had issued and sold an aggregate of 571,001 Shares under the Sale Agreement, at an average gross price per Share of approximately $732.16, for aggregate net proceeds to the Company (fewer sales commissions and expenses) of approximately $414.4 million.”

Following the latest Bitcoin purchase, the business intelligence giant had accumulated a total of 121,044 BTC (worth over $7,000,000,000 at the time of writing) acquired for $3.57 billion, with the average price per coin at approximately $29,534.

Saylor Keen on Keeping BTC Stash

The latest development has shown that MicroStrategy continues to remain bullish on bitcoin, and is not showing signs of slowing down on its BTC purchase. The company made headlines in the crypto industry back in August 2020, after making its first acquisition.

In its third-quarter 2021 report, MicroStrategy revealed that it purchased nearly 9,000 BTC within the period at an average price of $46,876 per token inclusive of expenses and fees.

A statement from Saylor at the time said:

“MicroStrategy delivered strong third-quarter results that demonstrated successful execution on both our operational and digital asset strategies. Overall demand for the MicroStrategy platform continued to increase, and we are pleased with the growing interest and adoption of our cloud solutions.”

The MicroStrategy CEO added that the business intelligence firm was the “world’s largest publicly traded corporate owner of bitcoin”, a position the company continues to maintain even with the current acquisition. Electric vehicle manufacturer, Tesla, comes second having earlier purchased BTC worth $1.5 billion.

Back in June, MicroStrategy revealed that it had no plans to engage in Bitcoin trading but hold the cryptocurrency asset long-term. Saylor had also been a vocal advocate of bitcoin.

During a Coin Stories podcast in July, the company’s CEO stated that the company willnot be pressured to sell its BTC holdings even if the price of the assets plummets below the firm’s entry point. So far, the vocal bitcoin proponent has kept to his word, with the current purchase meaning that the firm is sitting on unrealized gains worth nearly $3.5 billion.

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