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.

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 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.

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