MicroStrategy adds another 7k Bitcoin to stash

MicroStrategy adds another 7k Bitcoin to stash
© Reuters. MicroStrategy adds another 7k Bitcoin to stash

Business intelligence firm MicroStrategy has continued to prove that it is an ardent supporter of Bitcoin. Spearheaded by an avid Bitcoin advocate, CEO Michael Saylor, the company announced on Monday that it had added approximately 7,000 BTC worth $414 million to its Bitcoin holdings.

MicroStrategy has purchased an additional 7,002 bitcoins for ~$414.4 million in cash at an average price of ~$59,187 per #bitcoin. As of 11/29/21 we #hodl ~121,044 bitcoins acquired for ~$3.57 billion at an average price of ~$29,534 per bitcoin. $MSTRhttps://t.co/OA8VWG1bZX

— Michael Saylor⚡️ (@saylor) November 29, 2021

`According to the announcement, MicroStrategy had purchased 7,008 Bitcoins at an average price of $59,187 per coin since the beginning of October. Its latest purchase cost a whopping $414.4 million in cash and brings the firm’s total Bitcoin portfolio to 121,044 coins.

In general, MicroStrategy has spent an average of $29,534 per Bitcoin. With Bitcoin trading at almost $60,000, the firm is sitting on a gain of almost 100 percent.

Thanks to its constant Bitcoin purchases, MicroStrategy remains the public company with the largest Bitcoin stash. Coming in second place is Tesla (NASDAQ:TSLA), which reportedly owns 48,000 BTC.

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