MicroStrategy Purchases Another 7,002 Bitcoin Totaling Over $414M
MicroStrategy announced that it bought an additional 7,002 Bitcoin (BTC) for $414.4 million.
At this rate, each BTC was bought for an average price of $59,187, according to the announcement from CEO Michael Saylor. He added that the business intelligence firm currently holds 121,044 BTC, which it acquired for a total of $3.57 billion, paying an average price of $29,534 each.
While not buying as consistently as previously this year, MicroStrategy continues in earnest to pile onto its Bitcoin strategy when it does. Upon releasing its quarterly financial results last month, MicroStrategy revealed that it had increased its BTC holdings in Q3 2021 by 8,957. At the time, BTC’s price was approximately $61,500, so the new addition had amounted to $550.85 million.
The company also went into detail regarding its corporate strategy, which it said consisted of two parts. While the company remarked that it will continue to focus heavily on BTC as part of its corporate strategy, in addition to this, MicroStrategy is finding demand for its enterprise analytics and business intelligence services growing.
Concerning the former, MicroStrategy will focus on acquiring BTC through the use of excess cash flows, and debt and equity transactions. The company’s total revenue stood at $128 million, which is a slight increase year-over-year. Additionally, MicroStrategy will aim to provide leadership among the bitcoin community. It is already doing this to a certain degree, with Saylor particularly focused on encouraging green energy solutions for bitcoin mining.
Earlier in September, MicroStrategy had bought an additional 5,050 BTC for $242.9 million, at an average price of $48,099. An 8-K filing with the Securities and Exchange Commission (SEC) gave some further information about the purchase, including that MicroStrategy had added nearly 9,000 BTC to its corporate treasury so far in Q3 2021. During a period between July 1 and September 12, the company spent around $419.9 million in cash on BTC.
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