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MicroStrategy had purchased another 8,957 Bitcoin in Q3

Updated: Aug 31, 2024
Published: Oct 29, 2021
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MicroStrategy released its financial results for the third quarter of 2021 on October 28. This shows that the company purchased an additional 8,957 Bitcoins in the third quarter.

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MicroStrategy focuses on collecting as much Bitcoin as possible

The company describes two main parts of its business strategy, a business intelligence segment for business analytics and the acquisition and ownership of Bitcoin. If you are interested in the first part, read more on the company's website. As for the bitcoin portion, the report states that MicroStrategy will focus on collecting as much Bitcoin as possible by leveraging excess cash flows and transactions with debt and equity.

The document also explains that the average price the company purchased these 8,957 bitcoins is $46,876. They spent a total of $420 million on BTC. If you compare that to the current value, they have already made a 25% profit on their investment. In total, MicroStrategy owns 114,042 Bitcoins that they have spent $3.2 billion on. The current market value of all those Bitcoins is now $6.8 billion.

Michael Saylor plays an important role in the Bitcoin community

Being one of the first companies to carry Bitcoin on its balance sheet, MicroStrategy is well aware that it comes with responsibility. The CEO of the company Michael Saylor plays a prominent role in the Bitcoin community, both on social media and in the mainstream media. That was not always the case. Years ago, Michael Saylor announced via Twitter that he had nothing to do with Bitcoin. MicroStrategy was once dismissive of Bitcoin, but that has changed in the last two years. 

In a conference call with shareholders and investors, Saylor said bitcoin is an excellent long-term investment. Saylor does not only buy Bitcoin he is also a member of the Bitcoin Mining Council, a committee that works to make mining more sustainable.

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