MicroStrategy CEO Michael Saylor announced that the firm purchased an additional 5,050 bitcoin for about $242.9 million in cash during the third quarter period.

On Monday MicroStrategy CEO Michael Saylor announced that the firm purchased an additional 5,050 bitcoin for about $242.9 million in cash during the third quarter period.

The firm purchased the coins at an average price of $48,099 per bitcoin. Saylor tweeted, “As of 9/12/21 we #hodl ~114,042 bitcoins acquired for ~$3.16 billion at an average price of ~$27,713 per bitcoin.”

The purchase fulfills Michael Saylor's pledge, during the firm's Q2 earnings call, to purchase more bitcoin, and comes just weeks after MicroStrategy purchased an additional 3,907 bitcoin for about $177 million in cash.

During the third quarter of 2021 MicroStrategy purchased a total of 8,957 bitcoin for approximately $419.9 million. The average price per Bitcoin was $46,875.

To date, the company holds approximately 114,042 bitcoin, acquired at an aggregate purchase price of $3.16 billion and an average price per bitcoin of $27,713 per bitcoin, inclusive of fees and expenses. The firm owns more Bitcoin than any other public company in the world.

The purchase comes after MicroStrategy sold off its class A common stock in Jeffries, an ATM facility. During the third quarter, MicroStrategy sold an aggregate of 555,179 shares of the ATM facility at an average gross price per share of $727.64 for about $399.9 million.

MicroStrategy has positioned itself as a leader in the Bitcoin space by advocating for and helping other firms, such as Tesla, to convert their balance sheets from dollars to Bitcoin.

Notably, MicroStrategy does not partake in any Bitcoin lending or invest in any other cryptocurrency. The firm’s consistent strategy has been to buy Bitcoin with cash, to self-custody it and to hodl it indefinitely.