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Wednesday, August 10, 2022

MicroStrategy now holds $2.9 billion in bitcoin after buying an additional 3,907 coins in the 3rd quarter | Currency News | Financial and Business News

MicroStrategy CEO Michael Saylor

MicroStrategy said on Tuesday that it purchased approximately 3,907 bitcoins for roughly $177.0 million between July 1 and August 23.

Each bitcoin was purchased at an average price of $45,294, roughly 7% lower than current levels, but higher than the 50-day moving average of $37,849.

The purchase brings Michael Saylor’s company’s total holdings of bitcoin to 108,992 coins that were acquired at an aggregate purchase price of $2.918 billion and an average price of $26,769 per bitcoin.

Saylor is one of the most vocal bitcoin bulls in the crypto industry and has previously said he influenced Tesla to invest $1.5 billion in the digital currency.

MicroStrategy’s latest bitcoin purchase is smaller than it’s June buy, when it spent roughly $489 million to purchase an additional 13,005 bitcoin.

Bitcoin traded around $48,971 per coin Tuesday morning. The world’s largest cryptocurrency is up nearly 5% over the last seven days and topped $50,000 for the first time since mid-May earlier this week.

Shares of MicroStrategy fell 2.8% after the opening bell.

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