Microstrategy Purchases 301 Bitcoins

Michael Saylor, the executive chairman of Microstrategy, disclosed that his company had bought yet another 301 bitcoins for a cost of $6 million.

This puts the price of one coin at around $19,851 on average. According to Saylor, the company’s balance sheet not comprises of a total of 130,000 bitcoins.

This makes it the largest number of bitcoins to be held by a publicly listed company today.

More bitcoins

Microstrategy is no stranger to purchasing bitcoins and it made another purchase of the top cryptocurrency in the market.

The announcement came on Tuesday that it had spent approximately $6 million to buy 301 BTC, which puts the average price at $19,851.

It had been quite a while for the company since it had last purchased BTC. This had occurred back in June when it disclosed that 480 bitcoins had been acquired.

The company had paid around $10 million for the acquisition on June 28th, which had brought its total to 129,699 BTC.

Now that it has acquired another 301 bitcoins this week, the total bitcoins owned by the company has reached 130,000.

The chairman said that the total amount spent on 130,000 bitcoins was around $3.98 billion and this put the average price of a coin at around $30,639.

Other companies

Currently, such a big stash of bitcoins cannot be found at any other publicly listed company, such as Microstrategy.

But, there are reportedly 141,686 BTC with the Mt Gox bankruptcy trial trustee and this amount is going to be distributed to the company’s creditors at some point.

Galaxy Digital Holdings is the second publicly listed company to have a high number of bitcoins on its balance sheet and its total is around 40,000, which is far off from Microstrategy.

When it comes to private companies, there are two caches of bitcoin that private organizations possess and the number is far greater than the amount of bitcoins Microstrategy has.

As mentioned above, one of them is the Mt Gox stash, but the other is with Block.one. This is the team behind EOS.

The current bitcoin treasury statistics show that they own around 140,000 bitcoins.

The response

After the acquisition of 301 more bitcoins by Microstrategy, there were a number of people who commented on the actions.

The Twitter account of Crypto Rand said that Saylor was just being greedy now and he should leave some bitcoins for others as well.

However, it should be noted that the business intelligence firm saw its stock drop almost 6% after the opening bell in the market on Tuesday.

The firm’s stock had been $200, but the market’s opening saw it decline to $193.72. The stock did eventually make a recovery.

Microstrategy had given hints about making another bitcoin purchase earlier this month when it had announced its agreement of selling $500 million Class A shares.

It had hinted that some of the proceeds could be used for purchasing more bitcoins. But, it had not disclosed how much they would acquire.

Saylor had stepped down from his position as CEO of the company in the previous month.