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MicroStrategy invests more money in Bitcoin

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Based on a Form 8-K filing with the United States Securities and Exchange Commission, MicroStrategy has bought another 3,907 bitcoin.

According to the filing published on Tuesday, the company has invested around $177 million in BTC. The purchases have been made from July 1 and August 23. The average price per bitcoin paid by MicroStrategy is calculated to be $45,294.

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“On August 24, 2021, MicroStrategy Incorporated announced that during the third quarter of the Company’s fiscal year to date (the period between July 1, 2021 and August 23, 2021), the Company purchased approximately 3,907 bitcoins for approximately $177.0 million in cash, at an average price of approximately $45,294 per bitcoin, inclusive of fees and expenses.”

With the latest purchases, the firm now holds 108,992 BTC, and their worth is at the moment of writing estimated at $5.3 billion.

MicroStrategy was the first publicly listed company that began investments in bitcoin in 2020. Many more firms followed and implemented bitcoin in their balance sheets. The firm is following its policy of regularly acquiring bitcoin. This is its way of protecting treasury reserves from the inflation that is surging due to the pandemic.

Michael Saylor is known as one of the top supporters of Bitcoin in the industry. He was also one of the main participants of the Bitcoin Mining Council gathered in June. Saylor believes that the biggest threats come from the media’s negative headlines about mining. There is a high chance that they can influence political developments.

According to him, these threats can be managed with the help of bigger and more influential institutions, companies, and exchanges.

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“You could be a maximalist and say ‘I’m against organization’ as a matter of philosophy, but if you get sued by a multibillionaire that wants to sue an individual Bitcoin developer and you get buried in $10 million in legal fees, you’ll be wishing that there was an organized legal defense fund for you…basically, we can’t expect to succeed if we’re disorganized.”

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