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Amidst the recent market sell-off, MicroStrategy CEO and Bitcoin bull Michael Saylor has added more than $240 million in BTC to the Nasdaq-listed company’s reserves.
The pro-bitcoin software company made the announcement of the purchase of 5,050 Bitcoins on Monday. Michael Saylor tweeted:
As obliged, the firm informed the U.S. Securities and Exchange Commission (SEC) about its latest purchase. In the filing they state that in the latest quarter Microstrategy “purchased approximately 8,957 bitcoins for approximately $419.9 million in cash, at an average price of approximately $46,875 per bitcoin, inclusive of fees and expenses.”
Since the software firm started accumulating Bitcoin in August of 2020, its total holdings have surged to 114,042 BTC, currently valued at over $5.05 billion, considering a good return on their investment of $3.16 billion.
The company says that it sold off its class A common stock in financial services company Jefferies Group to finance the purchase. In total, the firm sold 555,179 shares between July 1st and September 12th with net proceeds approximately $399,900,000.
A week, ago Saylor said that his company prevented “a multi-billion dollar mistake” by taking to Bitcoin instead of gold.