On Tuesday, MicroStrategy CEO Michael Saylor announced that the company bought an additional 3,907 bitcoins for about $ 177 million in cash during the third quarter period.
The firm bought the coins at an average price of $ 45,294 for bitcoin. Saylor tweeted: “As of 8/23/21, we acquired #hodl ~ 108,992 bitcoins for ~ $ 2.918 billion at an average price of ~ $ 26,769 per bitcoin.”
The purchase fulfills Michael Saylor’s commitment, during last month’s Q2 earnings call, to buy more bitcoins.
MicroStrategy currently has a total of 108,992 bitcoins acquired at an average price of about $ 26,769 per bitcoin and an aggregate purchase price of $ 2.918 billion. The company has more Bitcoin than any other public company in the world
The purchase comes after MicroStrategy sold its usual Class A shares to Jeffries, an ATM. During the third quarter, MicroStrategy sold a total of 238,054 shares of the ATM facility at an average gross price per share of $ 753.21 for about $ 177.5 million.
MicroStrategy has positioned itself as a leader in the Bitcoin space by advocating and helping other companies, such as Tesla, to convert their dollar balances into Bitcoin.
In particular, MicroStrategy does not participate in any Bitcoin lending or invest in any other cryptocurrency. The firm’s consistent strategy has been to buy Bitcoin with cash, self-guard it and use it indefinitely.