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MicroStrategy grabs the bull by its horns and adds $177 million worth in Bitcoin

Business intelligence firm MicroStrategy has made another majestic Bitcoin purchase as the price of the top crypto asset has dropped under $50,000.

Michael Saylor, notorious bitcoin bull and Chief Executive Officer of MicroStrategy, announced that it raised $177 million to accumulate Bitcoin to its reserves. The latest purchase was good for approximately 3,907 Bitcoin.

The company’s SEC filing reveals that the purchase was made between July 1st and August 23rd. MicroStrategy now has a total of 108,992 Bitcoin in itr books, currently worth about $5.3 billion. The firm’s holdings represent about a half percent of the total Bitcoin supply.

MicroStrategy made the purchase by selling off its class A common stock in Jeffries, an ATM facility. In total, 238,054 shares of the company were sold at an average price of about $753.21 per share, raising net proceeds of roughly $177.5 million.

MicroStrategy’s stock, that is seen by investors as a proxy for the price of Bitcoin, has fallen from a high of $1,273 per share in March to $715.50 today.

Bitcoin has lost some of it recent gains and dropped nearly 3% over the last 24 hours, currently trading at $48,392.11 per CoinMarketCap.

The post MicroStrategy grabs the bull by its horns and adds $177 million worth in Bitcoin appeared first on iGaming.

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Author: Peter Siu