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Saylor's MicroStrategy buys $6M more bitcoin, now holds 130,000 total

·Senior Reporter
·3 min read

MicroStrategy (MSTR), the largest corporate holder of bitcoin, announced Tuesday morning it has purchased an additional 301 bitcoins for approximately $6 million in cash, according to an 8-K filing with the SEC.

The latest bitcoin buying spree raises how much bitcoin the business intelligence cloud company owns to 130,000 bitcoins, up from 129,699 as of the end of the second quarter.

According to the filing, the company's latest bitcoins were purchased at an average price of approximately $19,851 per coin. The aggregate purchase price for all its bitcoin is approximately $3.98 billion with an average purchase price of approximately $30,639 per bitcoin, inclusive of fees and expenses, per the filing.

SPAIN - 2021/12/09: In this photo illustration the MicroStrategy logo is seen on the screen of a smartphone with a bitcoin cryptocurrency logo in the background. (Photo Illustration by Paco Freire/SOPA Images/LightRocket via Getty Images)
In this photo illustration the MicroStrategy logo is seen on the screen of a smartphone with a bitcoin cryptocurrency logo in the background. (Photo Illustration by Paco Freire/SOPA Images/LightRocket via Getty Images)

The purchase follows the public company's second-quarter earnings release last month when it announced company founder Michael Saylor would be stepping down from his role as chief executive officer with MicroStrategy President Phong Le taking on the position.

In its second-quarter earnings, MicroStrategy also disclosed a $917.8 million loss attributable to the bitcoin on its balance sheet, while writing the assets down as intangible assets to their lowest value for the period.

At the end of the second quarter, the carrying value of MicroStrategy’s digital assets comprised of approximately 129,699 bitcoins was $1.988 billion.

A well known bitcoin influencer, Saylor remains executive chairman of the company who focuses primarily on "innovation and long-term corporate strategy, while continuing to provide oversight of the Company’s bitcoin acquisition strategy" according to the second-quarter earnings release.

MIAMI, FLORIDA - APRIL 7: Michael Saylor, Chairman & CEO, MicroStrategy, pauses as he speaks during the Bitcoin 2022 Conference at Miami Beach Convention Center on April 7, 2022 in Miami, Florida. The worlds largest bitcoin conference runs from April 6-9, expecting over 30,000 people in attendance and over 7 million live stream viewers worldwide.(Photo by Marco Bello/Getty Images)
Michael Saylor, Chairman & CEO, MicroStrategy, pauses as he speaks during the Bitcoin 2022 Conference at Miami Beach Convention Center on April 7, 2022 in Miami, Florida. The worlds largest bitcoin conference runs from April 6-9, expecting over 30,000 people in attendance and over 7 million live stream viewers worldwide.(Photo by Marco Bello/Getty Images)

More recently, the company announced a filing to issue up $500 million in additional stock shares.

Saylor is also being sued by the D.C.'s AG for alleged tax evasion, which the AG alleges also implicates MicroStrategy.

Saylor has responded to the suit saying: "I respectfully disagree with the position of the District of Columbia, and look forward to a fair resolution in the courts."

MicroStrategy also denies the claims as false, adding "we will defend aggressively against this overreach."

The company's shares have sold off 1.5% in pre-market trading to $203 a piece. Year to date, they remain down 62% from $558.

Bitcoin (BTC-USD), which has lost 60% of its value since the beginning of January, is trading at $19,103 as of Tuesday morning. In the last 24 hours, it has gained 2% after falling as low as $18,780 early Monday.

-

David Hollerith is a senior reporter at Yahoo Finance covering the cryptocurrency and stock markets. Follow him on Twitter at @DsHollers

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