MicroStrategy Acquired 5,050 More Bitcoin For $243M

Business intelligence firm and number one corporate Bitcoin BTC/USD holder MicroStrategy Incorporated MSTR acquired even more Bitcoin.

See Also: How to buy Bitcoin

What Happened: According to a Form 8-K filed with the U.S. Securities and Exchange Commission (SEC) published on Monday, Microstrategy acquired 5,050 BTC for about $242.9 million at an average of $48,099 per coin. The document also reveals that the company added 8,957 BTC to its corporate Bitcoin treasury in the third quarter of 2021.

MicroStrategy now holds about 114,042 BTC paying a total of $3.16 billion, with the company's average cost per Bitcoin being about $27,713 per BTC including fees and sundry expenses.

Back in August, the firm acquired 3,907 BTC for $177 million — with its holdings reaching a value of $2.918 billion at the time.

MicroStrategy’s primary strategy is to accumulate Bitcoin by funneling all of the capital that it can get hold of into it. The firm is not short on capital — it keeps flowing from the company's rapidly growing market intelligence service revenues or even capital raised through bond and stock sales.

Price Action: As of press time, MicroStrategy is following the direction of the overall crypto market as its stock is down 1.72% and trading at $604.91 on Monday morning.

See Also: 10 Best Crypto Apps and Best Crypto Portfolio Tracker

Image by PIRO4D from Pixabay