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

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.

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.

© 2021, Eva Fox | Tesmanian. All rights reserved.


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About the Author

Eva Fox

Eva Fox

Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.

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