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MicroStrategy now holds $5.3 billion in bitcoin after buying an additional 3,907 coins in the 3rd quarter

MicroStrategy CEO Michael Saylor
MicroStrategy CEO Michael Saylor

MicroStrategy said on Tuesday that it purchased approximately 3,907 bitcoins for roughly $177.0 million between July 1 and August 23.

Each bitcoin was purchased at an average price of $45,294, roughly 7% lower than current levels, but higher than the 50-day moving average of $37,849.

The purchase brings Michael Saylor’s company’s total holdings of bitcoin to 108,992 coins that were acquired at an aggregate purchase price of $2.918 billion and an average price of $26,769 per bitcoin. The holdings are worth about $5.3 billion at bitcoin’s current levels.

Saylor is one of the most vocal bitcoin bulls in the crypto industry and has previously said he influenced Tesla to invest $1.5 billion in the digital currency.

MicroStrategy’s latest bitcoin purchase is smaller than it’s June buy, when it spent roughly $489 million to purchase an additional 13,005 bitcoin.

Bitcoin traded around $48,971 per coin Tuesday morning. The world’s largest cryptocurrency is up nearly 5% over the last seven days and topped $50,000 for the first time since mid-May earlier this week.

Shares of MicroStrategy fell 2.8% after the opening bell.

Read the original article on Business Insider

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