MicroStrategy spends $240 million on fresh Bitcoin purchases.

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Following this latest BTC acquisition, the company’s Q3 Bitcoin spend currently stands at around $420 million.

MicroStrategy, a business intelligence firm and corporate Bitcoin (BTC) whale, has boosted its BTC holdings with a fresh acquisition revealed on Monday.

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 published on Monday, MicroStrategy stated that it had added 8,957 BTC to its corporate Bitcoin treasury in Q3 2021.

As previously reported, MicroStrategy recently bought 3,907 BTC at the cost of about $177 million between July 1 and Aug. 23.

Following the new Bitcoin buy, the business now owns about 114,042 BTC for a total purchase price of $3.16 billion. Based on the current BTC spot price, the company’s Bitcoin assets are worth more than $5 billion.

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

See also  Bitcoin funding is shaky despite warnings that the BTC price could reach $40K in the near future.

The extra 5,050 BTC purchase demonstrates the company’s ambition to extend its Bitcoin position. Despite reported losses on its Bitcoin investment in Q2, MicroStrategy has indicated that its desire for Bitcoin remains unaltered.

Since disclosing its first BTC acquisition in August 2020, the business intelligence firm has purchased more Bitcoin, making it the largest corporate holder of the largest cryptocurrency by market capitalisation among publicly traded corporations in the United States.

Saylor has also become a vocal proponent of Bitcoin, routinely lobbying other U.S. companies to include BTC on their balance sheets.

The purchase announcement on Monday comes amid a drop in Bitcoin prices, with BTC down about 3% in the latest 24-hour trading session.

As token prices fell on Monday, the entire cryptocurrency market capitalisation fell by more than 4%.

 

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