The business intelligence firm has announced today that it has purchased an additional 13,005 Bitcoin worth $489 million in cash at an average price of $37,617 per unit.
The purchase follows MicroStrategy’s recent filing with the U.S. Securities and Exchange Commission (SEC) wherein proceeds from a recently closed private sale were to be allocated for the said purchase. This brings the firm’s total Bitcoin holdings at 105,085, acquired at an aggregate purchase price of approximately $2.741 billion, at an average purchase price of approximately $26,080 per bitcoin inclusive of fees and other expenses.
“We believe that our bitcoin acquisition strategy is complementary to our enterprise analytics software and services business, as we believe that our bitcoin and related activities in support of the bitcoin network enhance awareness of our brand and can provide opportunities to secure new customers for our analytics offerings.” the company stated in the recent S-3 filing.
In a recent disclosure prior to the purchase, the firm said it has formed a new subsidiary, MacroStrategy LLC. The subsidiary will be responsible for managing and securing the company’s Bitcoin hold, and now holds approximately 92,079 of the firm’s total Bitcoin hold.
The company’s expansion of its Bitcoin hold follows Bitcoin’s recent fall in price by 9.41%, one of its lowest pricing closures in the past four months. Bitcoin now currently plays at the $32,000 level, about 49% below its record close in April. MicroStrategy pursues Bitcoin as its primary treasury asset, and its shares have dropped 7.5% in premarket trading. Despite this, MicroStrategy’s common stocks have risen 66.4% on a year to date basis.
MicroStrategy stands as the world’s largest independent publicly-traded analytics and business intelligence firm. According to crypto industry data, it is also now the first public company to hold over 100,000 BTC. It is also the top public company with the most number of BTC purchased over the past few years.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.