As a researcher with a background in finance and a keen interest in the digital currency market, I find MicroStrategy’s relentless pursuit of Bitcoin an intriguing development. The company’s latest acquisition of 11,931 BTC for $786 million further solidifies its position as one of the largest institutional holders of Bitcoin.
MicroStrategy shows no signs of slowing down with another $786 million purchase of Bitcoins.
MicroStrategy increased its Bitcoin ownership by buying 11,931 Bitcoins for a total cash investment of $786 million, according to a confirmation from the company’s founder, Michael Saylor, posted on Thursday.
MicroStrategy has purchased an extra 11,931 Bitcoins for approximately $786 million using funds from convertible notes and excess cash, with each Bitcoin costing around $65,883. As of June 20, 2024, MicroStrategy holds a total of 226,331 Bitcoins, which were acquired for approximately $8.33 billion at an average price of $36,798 per Bitcoin.
— Michael Saylor⚡️ (@saylor) June 20, 2024
In a regulatory filing, the company disclosed that it obtained roughly 12,000 Bitcoins between April 27 and June 19, with an average purchase price of about $65,883 per Bitcoin. Following this acquisition, MicroStrategy and its affiliates now possess over 226,331 Bitcoins, which are valued at approximately $15 billion.
MicroStrategy made a large Bitcoin buy just a few days after unveiling plans for an $800 million sale of convertible notes with a 2.25% annual interest rate, intended for more Bitcoin investments. However, this significant acquisition leaves MicroStrategy second in line to BlackRock’s massive Bitcoin holdings, which amount to approximately 305,000 coins in its spot Bitcoin ETF.
After the announcement was made, MicroStrategy’s stock price (MSTR) rose by 2.3% in the early trading session on Nasdaq, hitting a price of around $1,503. At the moment of reporting, Bitcoin was valued at approximately $65,944 based on CoinMarketCap’s data.
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2024-06-20 16:08