MicroStrategy shows no signs of slowing down as it grabs 1,434 more Bitcoin (BTC)

Since it started acquiring Bitcoin last year, the software business has almost quadrupled its investment.

MicroStrategy revealed that it had increased its Bitcoin holdings yet again, only a week after acquiring 7,002 BTC. According to the company’s most recent Form 8-K filing with the Securities and Exchange Commission, it acquired about 1,434 BTC between November 29th and December 8th.

MicroStrategy spent $82.4 million in cash for the privilege, based on an average Bitcoin price of $57,477. This is a significant gain above Bitcoin’s average market price last week, when it briefly broke past the $50,000 hurdle.

MicroStrategy’s total Bitcoin holdings now stand at 122,478 BTC. It bought its whole Bitcoin reserve for a total of $3.66 billion at an average buying price of roughly $29,861 per Bitcoin.

Related: MicroStrategy Announced The Acquisition Of An Additional 7002 Bitcoin For $414.4 Million

At press time, the company’s Bitcoin holdings were valued at over $6 billion, implying that Michael Saylor’s effort to amass as much cryptocurrency as possible had already almost doubled in value.

And, although many were taken aback by the firm’s third large acquisition in less than two weeks, it’s important emphasising that the company did not utilise any of its software income or profits. MicroStrategy said in its SEC filing that it issued and sold slightly less than 120,000 shares for $82.4 million, or an average gross price per share of roughly $693.1.

The shares were issued pursuant to the company’s June Open Market Sale Agreement with Jefferies. MicroStrategy may use the arrangement to issue and sell shares of its Class A common stock via Jefferies on a temporary basis in order to raise up to $1 billion.

Also Read: Former OCC Chairman Brian Brookes Admits That The United States Is Behind The Curve On Cryptocurrency, Blaming The SEC