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Despite the recent market sell-off, Bitcoin bull and MicroStrategy CEO Michael Saylor has added more than $240,000,000 in BTC to the tech company’s reserves.

In a new press release, MicroStrategy announced that it has spent $242,900,000 to acquire 5,050 BTC.

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The firm’s CEO says that each Bitcoin was purchased for an average price of $48,099.

“MicroStrategy has purchased an additional 5,050 Bitcoins for $242.9 million in cash at an average price of $48,099 per Bitcoin. As of September 12th, 2021, we [hold] 114,042 Bitcoins acquired for $3.16 billion at an average price of $27,713 per Bitcoin.”

Since the company began buying Bitcoin in August of 2020, its total holdings have ballooned to a staggering 114,042 BTC, currently valued at over $5.05 billion.

MicroStrategy is up over 50% on its initial $3.16 billion BTC investment.

To fund the purchase, the company says that it sold off its class A common stock in financial services company Jefferies Group. In total, the firm sold 555,179 shares between July 1st and September 12th. At an average price per share of $727.64, the company’s net proceeds totaled approximately $399,900,000.

MicroStrategy’s latest purchase follows another multi-million-dollar Bitcoin buy just a few weeks ago. Between the company’s two recent purchases, it has amassed 8,957 Bitcoins for approximately $419.9 million in cash, at an average price of approximately $46,875 per Bitcoin.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Tithi Luadthong

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