Despite recent dips in Bitcoin’s price, MicroStrategy, co-founded by Michael Saylor, remains steadfast in its commitment to the cryptocurrency. In a strategic move, the company bolstered its Bitcoin reserves by acquiring an additional 9,245 BTC for approximately $623 million.
Michael Saylor, Executive Chairman of MicroStrategy, announced the purchase, highlighting that it was funded through proceeds from convertible notes and surplus cash. This acquisition follows MicroStrategy’s recent completion of convertible note sales exceeding $1 billion, with the aim of expanding its holdings in the primary cryptocurrency.
MicroStrategy has acquired an additional 9,245 BTC for ~$623.0M using proceeds from convertible notes & excess cash for ~$67,382 per #bitcoin. As of 3/18/24, $MSTR hodls 214,246 $BTC acquired for ~$7.53B at average price of $35,160 per bitcoin. https://t.co/oeYJGgiuy0
— Michael Saylor⚡️ (@saylor) March 19, 2024
Earlier this month, MicroStrategy made waves by purchasing 12,000 BTC for $800 million, demonstrating its bullish stance on Bitcoin. With a total stash of 214,246 BTC, valued at over $13.5 billion at current rates, MicroStrategy has significantly bolstered its position in the cryptocurrency market.
The company’s Bitcoin holdings, acquired at an average price of $35,160 per Bitcoin, represent a substantial investment. At present, MicroStrategy enjoys a paper profit of approximately $6 billion on its Bitcoin holdings, underlining the success of its strategic investment approach.
