Michael Saylor’s MicroStrategy Buys 3,907 BTC for $177M, Holding Nearly 109k Bitcoins ($2.918B)
Publicly-listed business intelligence company MicroStrategy which holds Bitcoin on its balance sheet, announced on Tuesday that it had bought an additional 3,907 BTC for $177 million in cash.
The company now holds a total of $108,992 Bitcoin, acquired for just over $2.9 billion. The average price of MicroStrategy's BTC acquisition now comes at $26,769 per Bitcoin.
Interestingly, the average price of its latest purchase was $45,294 per Bitcoin, while the leading cryptocurrency dropped to about $28,800 in June. Additionally, between May 17 and August 9th, the price of Bitcoin remained under $45,000, between $30k to $45k.
Despite this, MicroStrategy's average price is at nearly $45,300, while it has only been the last weekend that BTC surpassed $50k for the first time in three months and is trading around $48.5k, as of writing.
Bitcoin is currently the 7th largest asset with a market cap of roughly $925 billion. Its dominance is holding just above 44% in the crypto market, after bottoming out at 39.6% in late May.
Overall, Bitcoin dominance has been on a downtrend since late December 2020, when it was at a 3.5-years high of 73.62% as more and more coins continue to enter the market.
The shares of MSTRare trading at $707.47, up 42% from the May 19 low but nowhere close to the early February peak of $1,315.