Business intelligence company MicroStrategy has financed another massive Bitcoin purchase as BTC hovers under the $50,000 level.
On Tuesday, Bitcoin bull and company CEO Michael Saylor announced that it raised $177 million to add more BTC to its reserves. In total, MicroStrategy bought approximately 3,907 Bitcoin with the latest purchase.
“MicroStrategy has purchased an additional 3,907 Bitcoins for ~$177 million in cash at an average price of ~$45,294 per Bitcoin. As of [August 23, 2021] we hodl 108,992 Bitcoins acquired for $2.918 billion at an average price of $26,769 per Bitcoin.”
The SEC filing reveals that the purchase took place between July 1st and August 23rd. According to bitcointreasuries.org, Microstrategy has 108,992 Bitcoin currently worth about $5.3 billion and represents 0.5% of the total 21 million supply of BTC.
To fund the purchase, MicroStrategy sold off its class A common stock in Jeffries, an ATM facility. In total, it sold an aggregate of 238,054 shares of the company at an average price of about $753.21 per share for net proceeds of roughly $177.5 million.
Last month, the $395 billion investment firm Capital International Investors became the tech company’s second-largest shareholder after adding 953,242 shares of MicroStrategy (MSTR) to its holdings, worth $670 million.
Capital International’s investment falls short only to global payment company Square, which holds 1,091,991 shares of MSTR, valued at $767.6 million.
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