MicroStrategy announces $177 million Bitcoin (BTC) purchase

Business intelligence firm MicroStrategy has purchased an additional $177 million worth of Bitcoin during the third quarter of the fiscal year, according to its most recent filing with the U.S. Securities and Exchange Commission. The purchase became public on Aug. 24. The average purchasing price was $45,294 per coin.

It bought more Bitcoin with the proceeds generated from the $177.5 million sale of its class A common stock, which is part of its agreement with Jefferies Group that was initially announced on June 14.

The company currently holds 108,992 coins that are cumulatively worth $2.918 billion.

The purchase did not move the price of Bitcoin, which remains under pressure after reclaiming the $50,000 level for the first time since mid-May on Aug. 23. The largest cryptocurrency is currently trading at $49,211 on the Bitstamp exchange.

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