MicroStrategy Purchases 7,002 Bitcoin for $414.4 Million

　　MicroStrategy Purchases 7,002 Bitcoin for $414.4 Million

　　The business intelligence firm currently holds around $3.57 billion worth in Bitcoin.

　　Michael Saylor, CEO of data analytics company MicroStrategy, announced today that the company purchased 7,002 Bitcoins (BTC) for around $414.4 million in cash when it was exchanging hands at around $59,187. For this purpose, according to the filings before the US Securities and Exchange Commission (SEC), MicroStrategy sold 571,001 of its shares.

　　As of press time, Saylor says that the firm holds 121,044 BTCs acquired for $3.57 billion at an average price of $29,534. Last month, the business intelligence company published its financial results for the three months ended on 30 September 2021.

　　MicroStrategy saw a marginal increase in its revenues during Q3 of 2021, but its Bitcoin holdings jumped by nearly 9,000 coins during the mentioned period. In addition, the overall value of the company‘s BTC holdings jumped significantly in Q3 of 2021, mainly due to Bitcoin’s latest bullish rally. As far as operating expenses are concerned, the figure reached $155.3 million in the third quarter, which is 23.3% higher compared to the same period last year. The company had cash and cash equivalents worth $57 million in Q3 of 2021.

　　“MicroStrategy delivered strong third-quarter results that demonstrated successful execution on both our operational and digital asset strategies. We also significantly expanded our BTC holdings in the quarter, adding nearly 9,000 bitcoins to our holdings after successfully raising capital in the quarter through our at-the-market equity offering,” Saylor commented at that time.

　　Companies HODLing Bitcoin

　　MicroStrategy is not the only public-listed Bitcoin holder. Several other companies, including Tesla, Meitu, and Square, expanded their BTC portfolio significantly in the first three quarters of 2021.

　　In response to the recent acquisition made by MicroStrategy, crypto skeptic and Gold investor Peter Schiff commented: “Of course you did. You‘re pot committed at this point. Also, you are not only buying to help prop up the market but to publicly announce your purchases to keep the rest of the HODLers on board. That’s part of the cult of Bitcoin. Diamond Hands. Never sell, no matter what!”