Michael Saylor, the co-founder of MicroStrategy, has announced that the firm purchased 5,445 Bitcoin (BTC) at an average price of $27,053.
According to a Form 8-K filing, MicroStrategy accumulated 5,445 Bitcoin in the period between Aug. 1 and Sept. 24. During this period, it invested $147.3 million to buy Bitcoin at an average of $27,053.
MicroStrategy Invests $4.68 Billion
However, MicroStrategy sold 403,362 class A common stocks for $147.3 million to fund its Bitcoin purchases. On August 1, BeInCrypto reported that the firm plans to sell up to $750 million worth of class A common stocks. The filing elaborates:
On Aug. 1, MicroStrategy entered into a Sales Agreement with Cowen and Company, LLC, Canaccord Genuity LLC and Berenberg Capital Markets LLC, as sales agents, pursuant to which MicroStrategy may issue and sell shares of its class A common stock, par value $0.001 per share, having an aggregate offering price of up to $750.0 million from time to time through the Agents.
It is worth noting that since Aug. 1, the price of MicroStrategy stock (MSTR) has fallen by over 25%.
Click here to read our comprehensive guide on crypto vs. stocks investment for 2023.
After the latest investment in Bitcoin, MicroStrategy holds 158,245 BTC. Over the course of three years, the company has invested approximately $4.68 billion to purchase BTC at an average price of $29,582.
MicroStrategy has continued its Dollar Cost Averaging (DCA) strategies throughout the crypto winter.
With the Bitcoin halving is less than a year away, the community is anticipating the event will kick-start a new crypto bull run. And some believe Saylor will be regarded as a genius in the next 12 months.
Click here to learn more about investment strategies for Bitcoin halving cycles.
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Source: https://beincrypto.com/microstrategy-purchase-additional-bitcoin/