As an experienced financial analyst, I view MicroStrategy’s latest Bitcoin acquisition as a bold and strategic move that underscores their commitment to the digital currency. With this purchase, they have solidified their position as the largest corporate holder of Bitcoins, surpassing competitors by a significant margin.
MicroStrategy, a leading business intelligence company, purchased an extra 11,931 Bitcoins for approximately $786 million as revealed in a recent statement. The Bitcoin units were obtained at an average cost of $65,883 each.
As a researcher, I’ve discovered that the company currently possesses a significant amount of Bitcoin, specifically 226,331 coins. This substantial holding sets the company apart as the largest corporate owner of Bitcoins to date.
As an analyst, I would express it this way: I’m pleased to report that MicroStrategy successfully concluded its $800 million convertible note offering today, which enabled us to finance our latest acquisition.
The cost basis for Bitcoin acquisitions at the company now averages $36,798 following the latest buy.
This afternoon, Bitcoin’s price bounced back and touched a peak of $66,436, surpassing the $66,000 mark once more.
As a crypto investor, I’ve observed that despite the significant purchase made by a large entity recently, the market reaction was minimal. This is likely because the market had already factored in this buy during the firm’s debt sale increase last week.
The shares of MicroStrategy (MSTR) are up 2.56% in pre-market trading.
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2024-06-20 15:44