MicroStrategy Purchases Additional 5,445 Bitcoin

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.

MicroStrategy (MSTR) chart. Source: TradingView
MicroStrategy price chart. Source: TradingView

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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For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

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Source: https://beincrypto.com/microstrategy-purchase-additional-bitcoin/