Did MicroStrategy buy $240M worth of additional Bitcoin?

The corporate Bitcoin whale and business intelligence firm, MicroStrategy has increased its BTC ownership with the additional purchase on Monday.

Did MicroStrategy buy $240M worth of additional Bitcoin?

According to the announcement, MicroStrategy has purchased 5,050 BTC for about $242.9 million at an average of $48,099 per coin.

CEO Michael Saylor has also become a prominent Bitcoin proponent, regularly encouraging other U.S. firms to add BTC to their balance sheets.

In a Form 8-K filing with the SEC, published on Monday, the company stated that it has added 8,957 BTC to its corporate Bitcoin treasury in the third quarter of 2021 including the previous purchase of 3,907 BTC at the cost of about $177 million between July 1 and Aug. 23.

The company now holds about 114,042 BTC acquired at an approximate purchase cost of $3.16 billion. Given the current BTC spot price, the company's Bitcoin holdings are valued at over $5 billion. According to the Form 8-K document, MicroStrategy's Bitcoin cost comes down to about $27,713 per BTC, including fees and sundry expenses.

The additional 5,050 BTC purchase is yet another indication of its intention to expand its Bitcoin position. Despite paper losses on its Bitcoin investment in Q2, MicroStrategy has stated its Bitcoin appetite remains unaffected.

Since announcing its maiden BTC purchase back in August 2020, the business intelligence company has bought more Bitcoin, becoming the largest corporate holder of the largest crypto by market capitalization among publicly traded firms in the United States.

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