Bitcoin News

Michael Saylor’s MicroStategy Drops $240,000,000 on More Bitcoin As Crypto Markets Correct

Despite the recent market sell-off, Bitcoin bull and MicroStrategy CEO Michael Saylor has added more than $240,000,000 in BTC to the tech company’s reserves.

In a new press release, MicroStrategy announced that it has spent $242,900,000 to acquire 5,050 BTC.

 

The firm’s CEO says that each Bitcoin was purchased for an average price of $48,099.

“MicroStrategy has purchased an additional 5,050 Bitcoins for $242.9 million in cash at an average price of $48,099 per Bitcoin. As of September 12th, 2021, we [hold] 114,042 Bitcoins acquired for $3.16 billion at an average price of $27,713 per Bitcoin.”

Since the company began buying Bitcoin in August of 2020, its total holdings have ballooned to a staggering 114,042 BTC, currently valued at over $5.05 billion.

MicroStrategy is up over 50% on its initial $3.16 billion BTC investment.

To fund the purchase, the company says that it sold off its class A common stock in financial services company Jefferies Group. In total, the firm sold 555,179 shares between July 1st and September 12th. At an average price per share of $727.64, the company’s net proceeds totaled approximately $399,900,000.

MicroStrategy’s latest purchase follows another multi-million-dollar Bitcoin buy just a few weeks ago. Between the company’s two recent purchases, it has amassed 8,957 Bitcoins for approximately $419.9 million in cash, at an average price of approximately $46,875 per Bitcoin.



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Featured Image: Shutterstock/Tithi Luadthong

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