Michael Saylor's MicroStrategy Announces Purchase of Additional 7,002 Bitcoins BTC

Image: MicroStrategy

Michael Saylor's MicroStrategy announced today that it has purchased an additional 7,002 Bitcoins (BTC). The company is officially the largest known holder of BTC among non-cryptographic companies.

One of the largest software companies in the world has just announced that it has significantly increased its already large cryptocurrency holdings. According to the latest Form 8-K filed with the Securities and Exchange Commission, MicroStrategy acquired an additional 7,002 BTC for $414.4 million in cash, Cryptoslate reported.

On Monday, Michael Saylor, CEO of MicroStrategy, said the bitcoins were purchased at an average price of around $59,187 per coin. Following this purchase, the company has significantly increased its Bitcoin position; the company now owns 121,044 BTC. All Bitcoins were purchased for $3.57 billion at an average price of $29,534 per BTC.

MicroStrategy has purchased an additional 7,002 bitcoins for ~$414.4 million in cash at an average price of ~$59,187 per #bitcoin. As of 11/29/21 we #hodl ~121,044 bitcoins acquired for ~$3.57 billion at an average price of ~$29,534 per bitcoin. $MSTRhttps://t.co/OA8VWG1bZX

— Michael Saylor⚡️ (@saylor) November 29, 2021

The market reacted positively to the news and Bitcoin jumped more than 7% in the hours after the update. At the time of writing, the cryptocurrency is worth $57,980 per coin. Each of MicroStrategy's previous Bitcoin purchases has had a significant impact on the market, so there may be additional price movements in the coming days.

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