Michael Saylor, cofounder and chairman of MicroStrategy, has announced via X (formerly Twitter) that the company has significantly increased its Bitcoin holdings. MicroStrategy acquired an additional 11,931 BTC, valued at over $786 million. This acquisition, financed through convertible notes and excess cash, saw MicroStrategy purchase the BTC at an average price of approximately $65,883 per Bitcoin.
According to a filing with the U.S. Securities and Exchange Commission (SEC) on Thursday, these 11,931 Bitcoin were purchased between April 27 and June 19, marking it as MicroStrategy’s third largest acquisition of Bitcoin after the $821 million purchase of 12,000 tokens on March 11.
This substantial acquisition adds to MicroStrategy’s already substantial Bitcoin holdings, now totaling 226,331 BTC as of June 20, 2024. The company has accumulated these coins at an average price of $36,798 per Bitcoin, amounting to an investment of over $8.33 billion.
MicroStrategy’s decision to expand its Bitcoin reserves comes amidst a period of relatively subdued price movements in the crypto market. Bitcoin, which surged to all-time highs above $73,000 in mid-March, has recently seen a slight decline. As of the latest update, BTC was trading at $64,859, reflecting a 0.18% decrease in the last 24 hours.
MicroStrategy’s aggressive investment strategy in Bitcoin underscores its confidence in the cryptocurrency’s long-term value proposition. Saylor initiated MicroStrategy’s Bitcoin purchases in 2020 as a hedge against inflation and an alternative to cash. Since then, Bitcoin has appreciated nearly 600%, significantly boosting MicroStrategy’s stock price, which has risen by over 1,000% since the beginning of the Bitcoin acquisition strategy.
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