MicroStrategy buys another $ 80 million worth of Bitcoin

The business intelligence company MicroStrategy has bought an additional 1,434 bitcoins, according to the latest approval application.

MicroStrategy has spent $ 82 million to acquire 1,434 Bitcoin, the company announced on Thursday.

According to a Form 8-K filed with the United States Securities and Exchange Commission, MicroStrategy's last Bitcoin purchase was between November 29 and December 8.

While many were surprised with another big purchase in less than two weeks, it's worth noting that the company didn't use any revenue or profits from its software business. In its filing with the SEC, MicroStrategy stated that it had issued and sold nearly 120,000 shares for $ 82.4 million, at an average gross price per share of about $ 693.1.

The company remains the largest Bitcoin owner, with assets exceeding $ 6 billion at current prices. The company first announced its decision to keep Bitcoin on its balance sheet in August 2020.

The business intelligence company now owns 122,478 Bitcoin. MicroStrategy has spent $ 3.66 billion on its Bitcoin holdings, at an average cost of $ 29,861.

Bitcoin is currently trading at just over $ 49,000 as news of Evergrande's default puts pressure on the global stock market.

97% of the BTC offer currently consists of coins that have been unused in the wallets for three months or more. This reinforces the belief that despite last week's price drops, a lot of people are still sitting on their coins, waiting for a future price hike. According to an analytical report published today by Glassnode analysts, less and less volume of older Bitcoin is being spent on the chain.

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