Microstrategy Buys Bitcoin Worth $177 Million

Over the past few months, the Bitcoin market trends looked up, with more investors venturing into the sphere. MicroStrategy, a United States-based intelligence platform, has also decided to pitch their tent with the most expensive cryptocurrency by acquiring 3,907 BTC for $177.0 million on an average of $45,294 per BTC.

The announcement was made through the company’s recent filing with the United States SEC’s third quarter of the current fiscal year. MicroStrategy Inc’s filing held the details of the Bitcoin purchase, which puts each BTC slightly above $45,000.

Michael Saylor, the co-founder of MicroStrategy, took to his social media page and shared the purchase news. He wrote that “MicroStrategy has purchased an additional 3,907 bitcoins for ~$177 million in cash at an average price of $45,294 per #bitcoin. As of 8/23/21, we #hodl ~108,992 bitcoins acquired for ~$2.918 billion at an average price of $26,769 per bitcoin.”

In his words, it is evident that MicroStrategy already has 108,992 Bitcoin in its reserve. The coins were bought for a total figure of $2.918 billion at $26,769 per BTC. The inclusion of 3,907 BTC takes the total to 112,899 Bitcoins.

According to the filing, “as previously disclosed, on June 14, 2021, the Company entered into an Open Market Sale AgreementSM with Jefferies LLC pursuant to which the Company may issue and sell shares of its class A common stock, par value $0.001 per share (Shares), having an aggregate offering price of up to $1.0 billion from time to time through Jefferies.”

MicroStrategy’s recent BTC purchase is all thanks to the class A common stock sold as part of the Jefferies Group agreement for $177.5 million. Irrespective of the enormous purchase from MicroStrategy, market trends had remained more or less the same with very little or no change thus far. As of today, Bitcoin trades slightly below the $50,000 price range.

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