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Massive bitcoin Purchase

MicroStrategy Announces Another Massive Multi-Million-Dollar Bitcoin Purchase

By Daily Hodl Staff • August 24, 2021 // BITCOIN

Business intelligence company MicroStrategy has financed another massive Bitcoin purchase as BTC hovers under the $50,000 level.

On Tuesday, Bitcoin bull and company CEO Michael Saylor announced that it raised $177 million to add more BTC to its reserves. In total, MicroStrategy bought approximately 3,907 Bitcoin with the latest purchase.

“MicroStrategy has purchased an additional 3,907 Bitcoins for ~$177 million in cash at an average price of ~$45,294 per Bitcoin. As of [August 23, 2021] we hodl 108,992 Bitcoins acquired for $2.918 billion at an average price of $26,769 per Bitcoin.”

The SEC filing reveals that the purchase took place between July 1st and August 23rd. According to bitcointreasuries.org, Microstrategy has 108,992 Bitcoin currently worth about $5.3 billion and represents 0.5% of the total 21 million supply of BTC.

To fund the purchase, MicroStrategy sold off its class A common stock in Jeffries, an ATM facility. In total, it sold an aggregate of 238,054 shares of the company at an average price of about $753.21 per share for net proceeds of roughly $177.5 million.

Last month, the $395 billion investment firm Capital International Investors became the tech company’s second-largest shareholder after adding 953,242 shares of MicroStrategy (MSTR) to its holdings, worth $670 million.

Capital International’s investment falls short only to global payment company Square, which holds 1,091,991 shares of MSTR, valued at $767.6 million.

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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The original article written by the Daily Hodl Staff and posted on DailyHodl.com.

Article reposted on Markethive by Jeffrey Sloe

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