MicroStrategy buys an additional $177m worth of bitcoin

On August 24, the Nasdaq-listed company MicroStrategy purchased an additional 3,907 BTC for about $177 million. The volume of bitcoin held by the analytics software provider reached 108,992 BTC.

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. $MSTRhttps://t.co/8jUlJImJbO

— Michael Saylor⚡️ (@michael_saylor) August 24, 2021

The average purchase price was $45,294 per coin, including fees and other costs.

In total, MicroStrategy has invested more than $2.9 billion in digital gold. At the time of writing, the value of the cryptocurrency on its balance sheet is estimated at $5.37 billion.

In August 2020, MicroStrategy became the first publicly traded to invest part of its equity ($250 million) in bitcoin. Later the company’s board approved a policy to ramp up investments in digital gold using cash reserves.

Following this, CEO Michael Saylor expressed confidence that others would follow its example. In the United States, such investments were pursued by Jack Dorsey’s Square and Elon Musk’s Tesla.

In December, the company issued convertible bonds for $650 million to purchase bitcoin.

In February the software vendor additionally issued debt securities totaling more than $1 billion and again invested the raised funds in cryptocurrency.

In March MicroStrategy purchased 328 BTC, around 205 BTC and 262 BTC. The firm invested $15 million in digital gold in April and in May. Later the company bought 229 BTC for $10 million.

In June the organization invested another $489 million in the leading cryptocurrency, buying 13,005 BTC.

Saylor said that bitcoin has the potential to become an ‘asset of the future’ that will be owned by everyone—from small investors to large tech companies and governments.

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