MicroStrategy, the business analytics software provider, has added an additional 3,907 BTC to its Bitcoin holdings.
According to Form 8-K submitted to the United States Securities and Exchange Commission (SEC), MicroStrategy splashed $177 million buying Bitcoin between the first of July and August 23, 2021. The average cost of the Bitcoin purchased comes down to approximately $45,294 per bitcoin, inclusive of fees and expenses.
According to the publication, MicroStrategy now owns approximately 108,992 BTC that were acquired at an aggregate purchase price of $2.918 billion and an average purchase price of approximately $26,769 per Bitcoin, inclusive of fees and expenses.
With today’s market price of $48,500 per Bitcoin, MicroStrategy so far has gained approximately 81.15% or $2.368 billion. This calculation does not include fees and expenses.
Wednesday’s purchase announcement comes as no surprise as MicroStrategy is fulfilling earlier promises to continue adding to its Bitcoin position. The firm stated in June that the paper losses suffered on its holdings during the crypto market decline in Q2 had done little to dampen their BTC appetite.
The May 2021 crypto market crash that saw Bitcoin lose almost 50% of its value caused some impairment losses for U.S. firms with Bitcoin holdings. Tesla reported a $23 million impairment loss on its Bitcoin holdings as part of its Q2 financials.
MicroStrategy announced its first Bitcoin purchase back in August 2020 and has consistently added to its BTC position. The firm’s CEO, Michael Saylor, has also become a BTC proponent even encouraging other companies to consider adding Bitcoin to their balance sheets.
The firm has gone as far as taking loans and selling proprietary stocks just to acquire more Bitcoin. Today, MicroStrategy stands as the institution with the biggest BTC holdings.
MicroStrategy’s latest Bitcoin balance sheet expansion comes on the heels of the BTC price action moving above the $50,000 mark for the first time since the May crash. The move marked a 74% upward swing for the largest crypto by market capitalization since falling to the $28,800 bottom.
Bitcoin is yet to hold the $50,000 as the upward rally was stalled by some level of retracement in the market yesterday. As earlier mentioned, Bitcoin currently stands at $48,500 as of the time of this writing.
The Edo State chapter of the Peoples Democratic Party (PDP) has expressed deep disappointment and anger over…
The body of the late Chief of Army Staff, Lieutenant General Taoreed Lagbaja, has arrived…
The federal government has unveiled a proposed budget of N47.9 trillion for the 2025 fiscal…
The WHO defines counterfeit drugs as those deliberately mislabeled to deceive consumers about their identity…
The company also stated that it is set to hit the two million barrels per…
Nyesom Wike, Minister of the Federal Capital Territory (FCT), recently cast doubt on former Vice…