MicroStrategy Has Decided To Make Another Major Bitcoin Purchase

MicroStrategy or MSTR has been a business intelligence firm based in the USA since 1989. The company was founded by one of the biggest proponents of Bitcoin in the present times, Michael Saylor. Since the beginning of the current year, the MicroStrategy board has been able to approve several major Bitcoin purchases as part of its cryptocurrency expansion plan.

The company also reported an increase in total income in the second quarter report for the ongoing fiscal year. A report published in Forbes claims that MicroStrategy had been facing a consistent drop in revenue for six years. The 13.4% increase of the revenue this year in the market cap and stock price is attributed to its Bitcoin reserves.

Michael Saylor, who is also the CEO of the business intelligence enterprise, recently told media that he is largely satisfied with the innovative crypto investment plans of the company. Saylor has been connected to introducing Bitcoin to names like Elon Musk as well. He has also assumed the role of the commercial Bitcoin adoption.

He is responsible for initiating educational programs for individuals and corporations to raise awareness about the flagship cryptocurrency. According to a new SEC filing, MicroStrategy has recently purchased a whopping $242.9 million worth of Bitcoin in September 2021. It means that MSTR is entering into the 3rd quarter of 2021 with $419 million worth of beacon coin reserves in total.

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This is not the first time MSTR has invested such a huge amount in acquiring more BTC. In July, the company managed to raise $2 billion by issuing convertible bonds. At present, the total number of Bitcoin units hold in the cryptocurrency reserve of MSTR exceeds 105,000.

The company also purchased $1.026 billion worth of Bitcoin back in February of the same year. For the time being, the average cost per unit of Bitcoin for MSTR is estimated to be around $27,713 per unit. At present, the market value of Bitcoin is balanced on the $45K mark. This price also stipulates more than 50% of the return on the average cost of their Bitcoin purchases this year.