• MicroStrategy Purchases $177 Million in Bitcoin

  • According to its most recent statement with the US Securities and Exchange Commission, which became public on Aug. 24, business analytics firm MicroStrategy purchased an additional $177 million worth of Bitcoin during the third quarter of the fiscal year. The average cost of acquiring a coin was $45,294 per coin.

    The business presently has 108,992 coins worth $2.918 billion in its possession.

    The acquisition had little effect on Bitcoin’s price, which is still under pressure despite reclaiming the $50,000 milestone on Aug. 23 for the first time since mid-May. On the Bitstamp exchange, the largest cryptocurrency is presently trading at $49,211.

    MicroStrategy’s big Bitcoin bet just celebrated its one-year anniversary. During that time, the company’s stock increased by roughly 450 percent, and CEO Michael Saylor gained 1.4 million Twitter followers, making him a cryptocurrency superstar.

    Despite this, the company’s stock, which finished Monday at $718, is still down 43% from its March high of $43.

    What's your reaction?