MicroStrategy Continues with Aggressive Bitcoin Purchases, Adds 9000 BTC in Q3 2021

UTC by Bhushan Akolkar · 3 min read
MicroStrategy Continues with Aggressive Bitcoin Purchases, Adds 9000 BTC in Q3 2021
Photo: Depositphotos

MicroStrategy now owns 114,000 Bitcoins in total and said that the company will continue to raise additional capital to continue further with its Bitcoin strategy.

Business intelligence software firm MicroStrategy Inc (NASDAQ: MSTR) unveiled its third-quarter (Q3) 2021 results on Thursday, October 28. The company is widely known for holding a massive stash of Bitcoins on its balance sheet.

MicroStrategy in Q3

MicroStrategy CEO Michael Saylor has also been an ardent Bitcoin proponent. In its latest filing, MicroStrategy said that it added 9,000 BTC to its holdings during Q3 2021. Thus, it brings the company’s total Bitcoin holdings at 114,042.

As of the current BTC price, the company’s Bitcoin holdings stand at a staggering $7 billion. Just to give context, the company’s entire market cap is at $7.4 billion. MicroStrategy CEO Michael Saylor said:

“We also significantly expanded our bitcoin holdings in the quarter, adding nearly 9,000 bitcoins to our holdings after successfully raising capital in the quarter through our at-the-market equity offering. Today, MicroStrategy is the world’s largest publicly traded corporate owner of bitcoin with over 114,000 bitcoins. We will continue to evaluate opportunities to raise additional capital to execute on our bitcoin strategy.”

During the earnings conference call, Saylor called Bitcoin a great “long-term” investment for its shareholders. Furthermore, Saylor noted that he’s open to partnerships that would allow the company to buy more BTC.

The MicroStrategy CEO also said that the last three months have seen “extremely dramatic” developments for Bitcoin. One of the major ones is the approval of the Bitcoin ETF earlier this month. Furthermore, he spoke of how big-tech players are getting into the play referring to Twitter’s BTC tipping feature.

Buying the Bitcoin Dip

Earlier this week on Wednesday, the BTC price crashed over 7% slipping under $60,000 levels. There was no formal announcement from Michael Saylor of adding more during the dip.

However, the Latin American country El Salvador cashed in on the opportunity. El Salvador purchased 420 Bitcoins during the dip worth a staggering $25 million. With the recent purchase, El Salvador takes up its BTC holdings to 1,120.

bitcoin (BTC) has made strong moves upwards this month. The cryptocurrency has gained more than 40% since the beginning of October. As per the Kraken report, Bitcoin whale holders have been fueling the rally. The report, as shared by Bloomberg reads:

“Larger market participants have grown increasingly more confident, preferring to accumulate further than to take profit. With the number of whales and whale holdings rising, it is clear that whales are a driving force in this latest run-up and remain optimistic.”

Bitcoin (BTC) has been on the radar of many investors. Some analysts are also expecting the BTC price to touch $100K levels by the end of this year.

Bitcoin News, Business News, Cryptocurrency news, News
Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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