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20 Sep 2022

MicroStrategy buys an additional $6 million worth of bitcoin

MicroStrategy buys an additional $6 million worth of bitcoin

MicroStrategy added an additional 301 bitcoin worth around $6 million to its balance sheet, it was revealed on Tuesday.

Founder and former CEO Michael Saylor shared the news on Twitter, with the filing revealing the purchases were made between Aug. 2 and Sept. 19.

This is the firm’s first purchase since June when it bought 480 bitcoin, worth around $10 million at the time. MicroStrategy, and its subsidiaries, now hold approximately 130,000 bitcoins — with an aggregate purchase price of approximately $3.98 billion, according to an 8-K filing with the SEC.

Michael Saylor stepped down as CEO of the firm in August and assumed a new role as executive chairman to focus his efforts more on bitcoin. 

During this most recent purchase period, on Sept. 9, the firm revealed plans to sell up to $500 million in class A common stock and could buy more bitcoin.

"We intend to use the net proceeds from this offering for general corporate purposes, including the acquisition of bitcoin, unless otherwise indicated in the applicable prospectus supplement," the filing said.

Bitcoin was trading at $19,072 on Coinbase, up about 2.08% over the past 24 hours, at the time of writing according to data from the exchange.

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