Michael Saylor, co-founder and president of MicroStrategy, took to X (formerly Twitter) to share an interesting update on the company’s growing Bitcoin stash.
Michael Saylor, co-founder and president of MicroStrategy, took to X (formerly Twitter) to share an interesting update on the company’s growing Bitcoin stash.
Taylor revealed that MicroStrategy has bolstered its cryptocurrency reserves by acquiring an additional 11,931 BTC, worth more than $786 million. This was funded with proceeds from convertible notes and excess cash, purchasing the BTC coins at an average price of approximately $65,883 per BTC.
Those 11,931 Bitcoin were acquired between April 27 and June 19, according to a Thursday filing with the U.S. Securities and Exchange Commission (SEC). Notably, this is the third largest Bitcoin acquisition by MicroStrategy after its purchase of 12,000 tokens for $821 million on March 11.
This significant acquisition adds to MicroStrategy’s already significant Bitcoin holdings. As of June 20, 2024, the company now holds a total of 226,331 BTC, purchased for over $8.33 billion at an average price of $36,798 per Bitcoin.
Tomiwabold OlajideMicroStrategy’s decision to expand its Bitcoin reserve coincides with a period of lackluster price movements for the cryptocurrency market. Bitcoin has eased slightly after an impressive rally that took it to all-time highs of over $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 began buying Bitcoin in 2020 as an inflation hedge and cash alternative. The largest cryptocurrency has risen almost 600% since Saylor started buying it. Additionally, the decision to purchase Bitcoin has boosted MicroStrategy’s stock price, which has risen more than 1,000% since Saylor’s decision.
