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Software company MicroStrategy has continued to bolster its Bitcoin (BTC) holdings, and has acquired a total of 7,002 BTC during its fourth fiscal quarter this year, the company said in an investor notice on 29 November.

According to the company’s filing, during the period between 1 October and 29 November, MicroStrategy purchased a total of 7,002 BTC for approximately $414.4 million, at an average price of about $59,000 per coin. With this latest acquisition, MicroStrategy now securely holds a total of 121,044 Bitcoin, which is around $7 billion with the current price of the largest cryptocurrency by market cap.

In its Monday filing, MicroStrategy also revealed that it had sold 571,001 shares of the company’s stock at $732 a piece during its fourth fiscal quarter, raising a total of $414.4 million in cash. The company announced in August 2020 that Bitcoin will become its primary treasury reserve asset, saying it was a “legitimate investment asset that can be superior to cash”.

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MicroStrategy’s bet on Bitcoin appears to be paying off for now, seeing as the company has bought all of its 121,044 BTC at an average price of about $29,534 per coin. At the moment the price of Bitcoin is hovering around $57,500, meaning the company is currently sitting on a potential profit of more than $3 billion. If the price of the currency is to plunge far enough however, the company could begin to struggle to pay its $2 billion debt it took to purchase some of the Bitcoins.

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