U.Today – Michael Saylor, the cofounder and chairman of MicroStrategy, has taken to X (formerly Twitter) to share an exciting update about the company’s growing stash.
Saylor revealed that MicroStrategy has bolstered its cryptocurrency reserves by acquiring an additional 11,931 BTC, amounting to over $786 million. This was financed through the proceeds from convertible notes and excess cash, purchasing the BTC coins at an average price of approximately $65,883 per BTC.
The said 11,931 Bitcoin were acquired between April 27 and June 19, according to a filing on Thursday with the U.S. Securities and Exchange Commission (SEC). Notably, this is MicroStrategy’s third largest acquisition of Bitcoin following its $821 million purchase of 12,000 tokens on March 11.
This substantial acquisition adds to MicroStrategy’s already significant Bitcoin holdings. As of June 20, 2024, the company now holds a total of 226,331 BTC, acquired for over $8.33 billion at an average price of $36,798 per Bitcoin.
MicroStrategy’s decision to expand its Bitcoin stash coincides with a period of lackluster price movements for the crypto market. Bitcoin has slightly eased after an impressive rally that took it to all-time highs of above $73,000 in mid-March. At the time of writing, BTC was down 0.18% in the last 24 hours to $64,859, extending its sell-off for this week.
MicroStrategy’s aggressive investment strategy has positioned it as a leading corporate holder of Bitcoin, reflecting a strong belief in the cryptocurrency’s value proposition.
Saylor started buying Bitcoin in 2020 as an inflation hedge and cash alternative. The biggest cryptocurrency has increased by nearly 600% since Saylor began purchasing it. Furthermore, the decision to buy Bitcoin has boosted MicroStrategy’s stock price, which has risen by more than 1,000% since Saylor’s decision.
