MicroStrategy Announces New USD $177 Million Bitcoin Buyout
MicroStrategy Announces New USD $177 Million Bitcoin Buyout By Hannah Perez

The business intelligence firm led by enthusiast Michael Saylor now holds 108,992 bitcoins, valued at over USD $5 billion.

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MicroStrategy, the publicly traded software company, hasn’t abandoned its commitment to Bitcoin and continues to add value to its cryptocurrency hoard. This Tuesday, the company led by crypto-enthusiast Michael Saylor announced a latest Bitcoin

acquisition worth USD $177 million.

In a Twitter post, MicroStrategy’ s CEO reported that the company purchased an additional 3,907 bitcoins for a total of USD $177 million in cash at an average price of USD $45,294 per coin. The latest investment brings the company’s total supply of bitcoins

to 108,992 BTC, an amount valued at approximately USD $5.2 billion at the time of writing.

Public documents filed with the U.S. Securities and Exchange Commission (SEC) also confirm the company’s commitment to investing in bitcoin. According to those reports, the business intelligence firm increased its Bitcoin

holdings between July 1 and Monday, Aug. 23.

For its part, Saylor revealed that MicroStrategy has spent, in total, about USD $2.918 billion at an average price of USD $26.769 per Bitcoin

to obtain the digital assets.

Committed to Bitcoin

As we have reviewed on DiarioBitcoin, MicroStrategy has been aggregating Bitcoin</em

It has beenheavily invested in its treasury since last year as part of a hedging strategy aimed at shifting its cash balance to funds in the leading cryptocurrency. As far as is known, it is the firm with the largest investment in cryptocurrency, with about 0.5% of the total bitcoins in circulation in its treasury.

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After at least two months without announcing an investment in digital currency, today’s announcement from MicroStrategy reinforces the company’s previous promises to continue to grow its position in Bitcoin. Last month, Saylor reported that the firm planned to continue expanding its hoard in digital assets.

It appears that the market’s recent price decline has not dampened its appetite for . Bitcoindespite the losses. During June, amid the cryptocurrency market plunge of over 50%, the Saylor-led firm declared paper losses suffered in its holdings. The price collapse also affected other U.S. companies, including Tesla, which reported an impairment loss of USD$23 million on its holdings of Bitcoin during the second quarter.

However, now that the market is recovering, companies’ crypto investments are once again posting gains. The announcement of MicroStrategy’ s latest acquisition comes on the heels of the stock’s price of Bitcoin moved above the USD$50,000 mark for the first time since May.

By the time of publication, the flagship cryptocurrency has missed the mark, losing about $2,000. BTC is trading around USD $48,500.

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Sources: Twitter, The Block, archive

Version by Hannah Estefania Perez / DiarioBitcoin

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