MicroStrategy Adds Additional $243M Worth BTC Into Its Balance Sheet

Well, it looks like Michael Saylor just cannot help himself, as he has gone ahead and purchased even more Bitcoin (BTC) for MicroStrategy. Recently, BTC worth a massive $243 million had been bought by the company, which brings the current amount of BTC stored by MicroStrategy to about $419 million.

What is even more astounding, however, is the fact that this amount, as high as it is, was reached before 2021 is finished, with many speculating that the company could add even more BTC before the year ends. Michael Saylor is clearly not shy about his desire to get as much BTC as possible as he continues to remain bullish on the flagship cryptocurrency despite the recent correction.

MicroStrategy’s keeps adding BTC

As things currently stand, the company holds a huge amount of BTC that is worth approximately $5 billion. Just last month, MicroStrategy had purchased BTC worth $177 million. Currently, the world’s biggest crypto by market cap is trading near $45,000 on most of the major spot exchanges. The price has dipped a bit after BTC had reached $50,000 not too long ago, but then again, the entire market is currently down.

Although we had gone through a market sell-off recently, this has not deterred the company’s CEO in the slightest. As alluded to earlier, Michael has bought more BTC worth over $240 million and added it to the company’s reserves. It is clear that he is in this for the long term. It had been during a recent press release that the CEO had revealed his new purchase, with the actual amount being $242,900,000, which had been spent to obtain 5,050 BTC.

Funding the purchase

As of the time of this writing, the company is up by more than 50% on its original BTC investment, which was worth $3.16 billion. Despite Michael Saylor’s fondness for consistently buying BTC, however, many in the crypto community have been wondering about how he is able to afford the purchases on such as continuous basis. Well, the CEO has provided an answer.

In order to successfully fund the purchase, Michael revealed that MicroStrategy had actually sold the company’s class A common stock that was in Jefferies Group. Overall, the firm had sold off 555,179 shares in the timeframe of beginning of July till a couple of days ago, on the 12th of September. MicroStrategy’s net proceeds had thus totaled nearly $399,900,000.

One thing is clear, which is that Michael is not stopping anytime soon and that between the most recent purchases, nearly 9,000 BTC had been added to MicroStrategy.