Why is MicroStrategy investing so much in bitcoin and how is it financing these massive acquisitions? Because just yesterday, the company purchased an additional 11,931 bitcoins for $786 million, bringing its total to 226,331 BTC. This new purchase strengthens its position among the largest bitcoin holders in the world, demonstrating a bold strategy and unwavering confidence in the future of this cryptocurrency.
MicroStrategy increases its treasury by 11,931 BTC
MicroStrategy is thinking of a better future with bitcoin as it continues to fill its treasury with digital gold. Indeed, the company led by Michael Saylor recently purchased an additional 11,931 bitcoins for an amount of 786 million dollars.
“ MicroStrategy acquired an additional 11,931 BTC for approximately $786.0 million using proceeds from the convertible notes and excess cash for approximately $65,883 per #bitcoin. As of 6/20/24, $MSTR holds 226,331 $BTC acquired for ~$8.33B at an average price of $36,798 per bitcoin “, Saylor tweeted.
This new acquisition door the total coins owned by the company at over 226,331consolidating its position as one of the largest BTC holders in the world.
Since it began investing in bitcoin four years ago, MicroStrategy has demonstrated unwavering confidence in the cryptocurrency.
Bitcoin: A massive strategic investment
MicroStrategy's purchase of bitcoins has always been a strategic move. This latest acquisition, made at an average price of $65,880 per BTCshows an unwavering determination to strengthen its holdings of digital assets.
In total, the company now owns nearly $15 billion in bitcoins.
With the SEC's approval of Spot Bitcoin ETFs in January, institutional interest in bitcoin skyrocketed, propelling its price to an all-time high of $73,000 in March 2024.
MicroStrategy took advantage of this dynamic to issue an $800 million convertible notefar surpassing the initial announcement of 500 million.
Last March, it had already acquired 9,245 BTC for $623 million, confirming a continuous and aggressive purchasing strategy.
Will MicroStrategy be able to compete with new BTC ETF issuing whales like BlackRock in this frantic race for digital gold?
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