MicroStrategy reported that it paid £310.4 million for another 7,002 bitcoins.
According to CEO Michael Saylor, his company made the purchase at an average price of approximately £44,342 per bitcoin. Saylor also said that the business analytics software provider currently owns 121,044 bitcoins, which it purchased for £2.67 billion at an average price of £22,121 per coin.
MicroStrategy is keeping up its bitcoin buying binge, although not as strongly as it did earlier this year. MicroStrategy stated when it released its quarterly financial report in October that it grew its BTC holdings by 8,957 in Q3 2021. Bitcoin was valued at around £46,070 at the time, making the new addition worth £412.85 million.
The firm explained in details its business strategy, which it states is divided into two segments. There is an increased demand for its enterprise analytics software and services, despite the fact that BTC will remain a key part of its corporate plan.
MicroStrategy will continue to buy bitcoins using excess cash flows, as well as debt and equity funds, in the first case. Its revenue for the third quarter this year totaled £96 million, up slightly from the previous year. The company will also work to establish itself as a leader in the bitcoin community. With Saylor focusing on renewable energy solutions for bitcoin mining in particular, it has already kicked off its leadership journey.
MicroStrategy had purchased 5,050 bitcoins for £182 million in September, paying an average price of £36,048 each. It had replenished its corporate treasury by 9,000 bitcoins so far in Q3 2021, according to an 8-K filing with the Securities and Exchange Commission (SEC). Between July 1 and September 12, MicroStrategy purchased bitcoins for around £314.6 million in cash.
MicroStrategy’s stock increased by 2.83% at £510.85 in early Monday trade, bringing its year-to-date gain to over 75%.