MicroStrategy bought another 7,002 bitcoins for $414 million; now holds a total of 121,044 bitcoins at an average price of about $59,187 per bitcoin

As you may recall, we reported about Microstrategy back in June after the Virginia-based company bought a total of 105,085 bitcoins for $2.741 billion at an average price of ~$26,080 per bitcoin.

Today, the company announced it has bought another 7,002 bitcoins for $414 million; now holds a total of 121,044 bitcoins at an average price of about $59,187 per bitcoin. In a Twitter post, MicroStrategy founder Michael Saylor said:

“MicroStrategy has purchased an additional 7,002 bitcoins for ~$414.4 million in cash at an average price of ~$59,187 per #bitcoin. As of 11/29/21 we #hodl ~121,044 bitcoins acquired for ~$3.57 billion at an average price of ~$29,534 per bitcoin. $MSTR”

MicroStrategy has purchased an additional 7,002 bitcoins for ~$414.4 million in cash at an average price of ~$59,187 per #bitcoin. As of 11/29/21 we #hodl ~121,044 bitcoins acquired for ~$3.57 billion at an average price of ~$29,534 per bitcoin. $MSTRhttps://t.co/OA8VWG1bZX

— Michael Saylor⚡️ (@saylor) November 29, 2021

Microstrategy also revealed in SEC Form 8K filing that it purchased about 7,002 bitcoins for approximately $414.4 million in cash during the fourth quarter of the Company’s fiscal year to date.

“On November 29, 2021, MicroStrategy Incorporated (the “Company”) announced that during the fourth quarter of the Company’s fiscal year to date (the period between October 1, 2021 and November 29, 2021), the Company purchased approximately 7,002 bitcoins for approximately $414.4 million in cash, at an average price of approximately $59,187 per bitcoin, inclusive of fees and expenses. As of November 29, 2021, the Company holds
approximately 121,044 bitcoins that were acquired at an aggregate purchase price of $3.57 billion and an average purchase price of approximately $29,534 per bitcoin, inclusive of fees and expenses.”

At this point, Microstrategy is going all-in on Bitcoin with probably no exit strategy if the bitcoin price were to go to zero. Saylor is a vocal supporter of Bitcoin. MicroStrategy was founded in 1989 by Michael Saylor and Sanju Bansal as a software company with a focus on analytics software. The company was at one time famous for its business intelligence software before it later becomes a bitcoin investment company.

In June, MicroStrategy announced it’s borrowing $400 million to buy more Bitcoin It’s the first-ever junk bond sale used for financing purchases of the volatile cryptocurrency, according to a report from Bloomberg. The announcement came at a time when the company stocks plunged from an all-time high of $1292 to $472.

Meanwhile, in March Michael Saylor released this popular video about bitcoin that has now been watched more than a million times. In the video, Saylor said:

“Once you know how it all ends, the only use of time is…how do I buy more bitcoin? But take all your money and buy bitcoin. Then take all your time, figure out how to borrow more money to buy more bitcoin. Then take all your time and figure out what you can sell to buy bitcoin. And if you absolutely love the thing, that you don’t want to sell it, go mortgage your house and buy bitcoin with it. And if you’ve got a business that you love because your family works for the business and it’s in your family for 37 years, and you can’t bear to sell it, mortgage it, finance it, and convert the proceeds into the hardest money on earth, which is bitcoin.” 

Saylor is cringe, but at least he’s a bull. We must stand with him, he’s all we got pic.twitter.com/yRs8Wzl7wc

— stockmart (@stockmart_) June 8, 2021