Business intelligence firm MicroStrategy added nearly 9,000 Bitcoin to its holdings in the third quarter, with a total amount on its balance sheet reaching 114,042 BTC as of September 30, 2021
With Bitcoin currently trading at roughly $61,000, Microstrategy now holds a staggering $7 billion of the leading cryptocurrency.
According to MicroStrategys Q3 financial results published on Thursday, the firm spent a total of $3.160 billion to purchase the Bitcoin it owns, with an average cost of approximately $27,713 per coin.
MicroStrategy first began exploring Bitcoin as an investment in 2020, when the firm made its first $425 million purchase. By the end of the last year, MicroStrategys Bitcoin holdings exceeded $1.125 billion.
In February this year, the firm made the headlines again when it purchased an additional 19,452 Bitcoin worth $1.026 billion, increasing its crypto holdings to approximately $4.5 billion.
Since then, MicroStrategy has been repeatedly adding Bitcoin to its balance sheet, with CEO Michael Saylor, one of Bitcoins most outspoken advocates, making it clear that the firm doesnt plan to ever sell.
MicroStrategy Bitcoin investments also inspired institutional investors like Raoul Pal, and companies like Square and Tesla to follow in its footsteps.
In December last year, Saylor publicly advised Elon Musk to convert Teslas balance sheet into Bitcoin, suggesting that the move would be a $100 billion dollar favor.
Just two months later, in February 2021, Tesla made its record-breaking $1.5 billion investment in Bitcoin.
MicroStrategy plans to buy more Bitcoin
Commenting on the latest financial results, Saylor stressed that MicroStrategy is now the worlds largest publicly traded corporate owner of Bitcoin and that it will continue to evaluate opportunities to raise additional capital to execute on our Bitcoin strategy.
Saylor also revealed on Thursday that he personally holds 17,732 Bitcoin (around $1.08 billion in current prices) which he bought at $9,882 each on average.
Saylor added that he informed MicroStrategy of these holdings before the company decided to buy Bitcoin for itself.
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The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
