MicroStrategy Now Holds $2.9 Billion in Bitcoin After Buying an Additional 3,907 Coins in the 3rd Quarter
- MicroStrategy bought an additional 3,907 bitcoins for roughly $177 million between July 1 and August 23.
- The purchase brings the company’s total holdings to 108,992 coins that were acquired at $2.918 billion.
- Shares of MicroStrategy fell 2.8% after the opening bell.
MicroStrategy said on Tuesday that it purchased approximately 3,907 bitcoins for roughly $177.0 million between July 1 and August 23.
Each bitcoin was purchased at an average price of $45,294, roughly 7% lower than current levels, but higher than the 50-day moving average of $37,849.
The purchase brings Michael Saylor’s company’s total holdings of bitcoin to 108,992 coins that were acquired at an aggregate purchase price of $2.918 billion and an average price of $26,769 per bitcoin. The holdings are worth about $5.3 billion at bitcoin’s current levels.
Saylor is one of the most vocal bitcoin bulls in the crypto industry and has previously said he influenced Tesla to invest $1.5 billion in the digital currency.
MicroStrategy’s latest bitcoin purchase is smaller than it’s June buy, when it spent roughly $489 million to purchase an additional 13,005 bitcoin.
Bitcoin traded around $48,971 per coin Tuesday morning. The world’s largest cryptocurrency is up nearly 5% over the last seven days and topped $50,000 for the first time since mid-May earlier this week.