After purchasing an extra 3,907 bitcoins in the third quarter, MicroStrategy currently has a total of $5.3 billion in bitcoin

Image credit: MSN

-Between July 1 and August 23, MicroStrategy purchased an additional 3,907 bitcoins for $177 million.

-The purchase takes the total number of coins held by the business to 108,992, valued at $2.918 billion.

-MicroStrategy’s stock dropped 2.8 percent after the opening bell.

MicroStrategy announced on Tuesday that between July 1 and August 23, it paid $177.0 million for approximately 3,907 bitcoins.

Each bitcoin was bought for an average price of $45,294, which is almost 7% lower than current levels but still higher than the 50-day moving average of $37,849.

The purchase takes Michael Saylor’s company’s total bitcoin holdings to 108,992 coins, which were purchased for $2.918 billion at an average price of $26,769 per bitcoin. At the current price of bitcoin, the holdings are worth around $5.3 billion.

Saylor is one of the most outspoken bitcoin proponents in the industry, claiming to have persuaded Tesla to invest $1.5 billion in the digital currency.

MicroStrategy’s current bitcoin acquisition is less expensive than the $489 million it spent in June to buy an additional 13,005 bitcoins.

On Tuesday morning, Bitcoin was trading at $48,971 per coin. The world’s largest cryptocurrency has gained about 5% in the last seven days and recently surpassed $50,000 for the first time since mid-May.

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