Michael Saylor, CEO of enterprise data analysis company MicroStrategy, Announce According to Twitter posts and company documents on Monday, the company purchased an additional 7,002 bitcoins (Bitcoin), worth about 414.4 million U.S. dollars, and the average price of each coin is 59,187 U.S. dollars. MicroStrategy sold 571,001 shares of the company at a price of US$732.16 per share between October 1 and November 29, raising a total of US$414.4 million in cash.

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

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

As of Monday, the company now owns 121,044 BTC, valued at up to 3.57 billion U.S. dollars. It was obtained at an average price of $29,534 per coin, including the capital appreciation of previous coins.

In August 2020, MicroStrategy announced that it would Adopt Bitcoin as its treasury reserve asset, Citing digital currency is a “reliable store of value” and attractive investment, which has greater long-term return potential than holding cash. In addition, the company also drew attention to unprecedented stimulus measures printed by the government to combat COVID-19 as a catalyst for potential inflation and subsequent devaluation of legal tender. Since then, MicroStrategy Almost always Buy bitcoin every quarter.

Usually, everyday investors suffer losses when the price of Bitcoin falls, and profit when the price rises. However, this is not necessarily the case with MicroStrategy. According to the minutes of the financial report meeting released last month, Phong Le, MicroStrategy President and Chief Financial Officer, Said The bitcoin held by the company is classified as an “intangible asset with an indefinite useful life under applicable accounting rules.” This means that at any time after the acquisition, if the fair value or market value of Bitcoin is lower than its book value, the company will need to recognize impairment charges. These impairment charges can then be used to legally offset their corporate income tax liabilities.