According to the most recent statement with the US Securities and Exchange Commission, business intelligence firm MicroStrategy purchased an extra $177 million worth of Bitcoin during the third quarter of the year.
At the current Bitcoin price, MicroStrategy’s Bitcoin assets are worth more than $5.3 billion. MicroStrategy has increased its holdings of Bitcoin (BTC) by 3,907 BTC. Between July 1 and Monday, Aug. 23, the business intelligence firm increased its Bitcoin holdings by 3,907 BTC, according to a Form 8-K filing with the United States Securities and Exchange Commission issued on Tuesday.
MicroStrategy also spent an average of $45,294 to acquire the additional Bitcoin, according to the SEC filing. Michael Saylor’s firm now owns 108,992 BTC, which it acquired for around $2.918 billion at an average price of approximately $26,769 per “coin.”
With Bitcoin selling at $49,000, the company’s assets total more than $5.3 billion. Wednesday’s acquisition announcement also fulfills past commitments to continue increasing its Bitcoin holdings. As previously reported by Cointelegraph, the firm indicated in June that the paper losses on its BTC assets during the second quarter’s crypto market collapse had had minimal effect on BTC appetite.
Indeed, the over 50% decrease in the cryptocurrency market resulted in some impairment losses for US companies with Bitcoin holdings. Tesla also disclosed a $23 million write-down on its Bitcoin assets in its Q2 financial results.
MicroStrategy made its first Bitcoin buy in August 2020 and has steadily increased its BTC holdings. Michael Saylor, the firm’s CEO, has also become a proponent of Bitcoin, even encouraging other businesses to consider adding it to their balance sheets.
MicroStrategy’s latest growth of its Bitcoin balance sheet comes on the heels of Bitcoin’s price movement breaking through the $50,000 barrier for the first time since May. The gain represented an 87 percent increase in the market value of the largest cryptocurrency since it fell to the $27,000 low in mid-May.
Bitcoin has struggled to break above the $50,000 barrier, as the upward rally has paused at $50,500, with BTC losing $2,000 over the latest 24-hour trading session.
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