By Hannah Perez
MicroStrategy, the publicly traded software company and one of the largest institutional Bitcoin
whales in the ecosystem, took advantage of the market’s recent price drop to increase its holdings in the flagship cryptocurrency.
According to a statement issued Monday, the company increased its Bitcoin balance to a total of 114,042 BTC, currently valued at $5.1 billion, following a new acquisition. MicroStrategy CEO Michael Saylor, who is a well-known cryptocurrency advocate, shared on Twitter that the company had acquired another 5,050 bitcoins
for a sum of USD $242.9 million.
The latest Bitcoin investment was made with cash funds at an average price of USD $48,099 per coin, Saylor stated in the tweet
As of 12/9/21 we hold ~114,042 bitcoins purchased for ~$3.16 billion at an average price of ~$27,713 per bitcoin.
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 9/12/21 we #hodl ~114,042 bitcoins acquired for ~$3.16 billion at an average price of ~$27,713 per bitcoin. $MSTRhttps://t.co/2ESbTy6ad7
– Michael Saylor️ (@michael_saylor) September 13, 2021
In a filing with the US Securities and Exchange Commission (SEC) dated September 13, the company reported that it has added a total of 8,957 bitcoins to its corporate Bitcoin
treasury. during the third quarter of 2021.
The latest bitcoin acquisition comes just weeks after another purchase announcement. As reported by DiarioBitcoin, MicroStrategy bought a total of 3,907 BTC, at a cost of approximately USD$177 million, between July 1 and August 23.
MicroStrategy: Bitcoin’s biggest institutional whale
The new bitcoin buying also comes amid a significant drop in the market. The leading cryptocurrency is down nearly 13% in the last 7 days and is currently trading around USD $44,700. This is not the first time the firm has taken advantage of a price drop to acquire crypto.
As we’ve reviewed on DiarioBitcoin, MicroStrategy has been aggressively adding Bitcoin to its treasury since last year as part of a hedging strategy aimed at swapping cash balance for funds in the leading cryptocurrency. As far as is known, it is the firm with the largest investment in cryptocurrency.
For his part, Saylor has also become a prominent advocate for Bitcoincryptocurrencies, and regularly encourages other U.S. companies to add Bitcoin to their balance sheets. However, as we recently reported, not everyone at the company may not share the same conviction for the cryptocurrency as its CEO. A few days ago, two top executives sold part of their MicroStrategy shares and reports suggest it could be due to the crypto investment strategy the firm is pursuing.
Version by Hannah Estefania Perez / BitcoinDaily
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