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HomeNewsBreaking news: MicroStrategy to buy 3,907 more Bitcoins for $ 177 million

Breaking news: MicroStrategy to buy 3,907 more Bitcoins for $ 177 million

MicroStrategy bought more Bitcoin again, with the company adding 3,907 BTC to its inventory.

Data analytics firm MicroStrategy, which owns more Bitcoin than any other company in the world, announced another major investment in Bitcoin Tuesday morning, doubling its exposure as the emerging market rebounds from a $ 1 trillion crash this year.

The company bought BTC at an average price of $ 45,294 per bitcoin. Saylor tweeted:

With the purchase, MicroStrategy fulfills Michael Saylor’s promise to buy more Bitcoin that he made during the Q2 earnings call last month.

The purchase will come after MicroStrategy sells its Class A common stock in 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 approximately $ 753.21 for approximately $ 177.5 million.

The purchase didn’t move the price of Bitcoin, which remains under pressure after breaking the $ 50,000 mark for the first time since mid-May on August 23.

MicroStrategy currently owns a total of 108,992 bitcoins, which were acquired at an average price of approximately $ 26,769 per bitcoin and for a total purchase price of $ 2.918 billion. The company owns more Bitcoin than any other public company in the world.

Although the value of its cryptocurrency investments has risen, MicroStrategy posted its largest quarterly loss to date of nearly $ 300 million last month, due to Bitcoin’s nearly 40% plunge in the second quarter.

In the meantime, the blockchain analytics provider Glassnode published its new report “The Week On Chain” on Monday and found that Bitcoin continued to rise to new multi-month highs in the week that ended on Monday, despite various on-chain activities.

Image @ Pixabay / License

Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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