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MicroStrategy is already known as the number one publicly listed firm with the largest Bitcoin holdings. It looks like Tysons, Virginia-based business intelligence has further cemented its position with its additional purchase of BTC worth around $177 million dollars during the third quarter.
Between July 1 and August 23, MicroStrategy increased its Bitcoin holdings by approximately 3,907 BTC. The company revealed its additional purchase of the crypto in a Form 8-K filing with the United States Securities and Exchange Commission, MicroStrategy published on Tuesday.
The company paid around $177 million in cash for the purchase, inclusive of fees and expenses. The average purchase price per Bitcoin is around $45,294.
With the additional BTC acquisition, the company‘s Bitcoin holdings increased to approximately 108,992 coins as of August 23, 2021. The company paid $2.918 billion for its crypto hoard at an average price of around $26,769 per coin.
While Bitcoin soared above $50,000 earlier this week, the crypto’s price retreated and traded at $47,520.19 at the time of writing based on data from Coindesk. Based on BTC’s current price, MicroStrategy’s crypto stash is worth $5.179 billion.
The company reported an impairment loss of $689.6 million on its BTC holding in the second quarter. However, CEO Michael Saylor said in July during its second-quarter earnings announcement that the company will continue investing in the crypto as part of its digital asset strategy.
“We continue to be pleased by the results of the implementation of our digital asset strategy,” he said. “Our latest capital raise allowed us to expand our digital holdings, which now exceed 105,000 bitcoins. Going forward, we intend to continue to deploy additional capital into our digital asset strategy.”
The business intelligence firm announced in August 2020 that it bought $250 million in Bitcoin. Explaining its first crypto purchase, MicroStrategy said that it believes in its long-term appreciation potential and as a store of value asset.
“This is not a speculation, nor a hedge,” Saylor explained. “It is a deliberate corporate strategy to adopt the Bitcoin Standard.” He added that the decision was reached after a discussion between the board, the company’s investors, executives, and auditor.”
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