MicroStrategy Purchases 7,002 Bitcoin for $414.4 Million

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 exchanged hands at around the price of $59,187. For this purpose, according to the filing before the US Securities and Exchange Commission (SEC Securities and Exchange Commission (SEC) The Securities and Exchange Commission (SEC) is one of the most widely known independent authorities in the United States. The SEC has a wide range of responsibilities, helping police markets and curbing against abuse. This includes enforcing federal securities laws, proposing securities rules, and regulating the US’ stock and options exchanges.As one of the paramount regulatory authorities in the US, the SEC is responsible for the oversight of public companies in the aforementioned segments.Wha The Securities and Exchange Commission (SEC) is one of the most widely known independent authorities in the United States. The SEC has a wide range of responsibilities, helping police markets and curbing against abuse. This includes enforcing federal securities laws, proposing securities rules, and regulating the US’ stock and options exchanges.As one of the paramount regulatory authorities in the US, the SEC is responsible for the oversight of public companies in the aforementioned segments.Wha Read this Term), 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.

Moreover, MicroStrategy saw a marginal increase in its revenues during Q3 of 2021, but its Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term holdings jumped by nearly 9,000 coins during the mentioned period. In addition, the overall value of the company’s BTC holdings leapt significantly in Q3 of 2021, which is 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, a crypto skeptic and Gold investor, Peter Schiff commented: “Of course you did. You’re not 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!”