U.Today – Michael Saylor, co-founder and president of MicroStrategy, reached out to X (formerly Twitter) to share an stimulating update on the company’s growing lineup.
Saylor revealed that MicroStrategy increased its cryptocurrency reserves by acquiring an additional 11,931 BTC worth over $786 million. This was funded by convertible note proceeds and excess cash from the purchase of BTC coins at an average price of approximately $65,883 per BTC.
According to Thursday’s filing with the U.S. Securities and Exchange Commission (SEC), the 11,931 Bitcoins were acquired between April 27 and June 19. Notably, this is MicroStrategy’s third-largest Bitcoin acquisition after purchasing 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 currently has a total of 226,331 BTC purchased for over $8.33 billion at an average price of $36,798 per Bitcoin.
MicroStrategy’s decision to expand its Bitcoin vault coincides with a period of faint price movements in the cryptocurrency market. Bitcoin has lost some ground after an impressive rally that reached an all-time high above $73,000 in mid-March. At the time of writing, BTC has fallen 0.18% in the last 24 hours to $64,859, extending this week’s sell-off.
MicroStrategy’s aggressive investment strategy has positioned it as a leading corporate holder of Bitcoin, reflecting a mighty belief in the cryptocurrency’s value proposition.
Saylor began buying Bitcoin in 2020 as an inflation hedge and cash alternative. The value of the largest cryptocurrency has increased by almost 600% since Saylor began buying it. Moreover, the decision to purchase Bitcoin resulted in an escalate in MicroStrategy’s share price, which has increased by over 1,000% since Saylor’s decision.
