As a researcher with a background in finance and technology, I find Michael Saylor’s latest update on MicroStrategy’s Bitcoin acquisitions to be an intriguing development. MicroStrategy’s decision to purchase 11,931 additional Bitcoins for over $786 million is a significant move, especially during a period of lackluster price movements in the crypto market.
I, as a researcher, would parphrase it this way: Michael Saylor, the co-founder and chairman of MicroStrategy, has excitedly announced on X (previously known as Twitter) recent developments regarding the expansion of the company’s Bitcoin holdings.
MicroStrategy announced that it had purchased an extra 11,931 Bitcoins, adding over $786 million to its cryptocurrency holdings. This acquisition was funded using the proceeds from convertible notes and surplus cash. The Bitcoin coins were bought at an average price of around $65,883 each.
MicroStrategy has purchased an extra 11,931 Bitcoins for approximately $786 million using the proceeds from convertible notes and surplus cash, spending around $65,883 per Bitcoin. As of June 20, 2024, MicroStrategy holds a total of 226,331 Bitcoins, which were acquired for roughly $8.33 billion, with an average price of $36,798 per Bitcoin.
— Michael Saylor⚡️ (@saylor) June 20, 2024
According to a SEC filing made public on Thursday, MicroStrategy obtained approximately 11,931 Bitcoins from April 27 to June 19. It’s worth noting that this is the third largest Bitcoin acquisition for the company, following their $821 million purchase of 12,000 tokens on March 11.
I’m thrilled to announce that MicroStrategy has recently increased its Bitcoin holdings through a substantial acquisition. As of June 20, 2024, my company now proudly owns a total of 226,331 Bitcoins. We obtained these coins by investing over $8.33 billion, which translates to an average price of $36,798 per Bitcoin.
MicroStrategy’s choice to increase its Bitcoin holdings aligns with a sluggish price trend in the crypto market. After an remarkable surge that pushed Bitcoin to new peaks of over $73,000 in mid-March, the cryptocurrency has dipped slightly. Currently, BTC is experiencing a 0.18% decrease in the previous 24 hours, reaching $64,859, and extending its recent downturn this week.
MicroStrategy’s bold approach to investing has made it a major player in the corporate world with regard to owning Bitcoin, signifying a firm conviction in the digital currency’s worth.
In 2020, Saylor initiated the purchase of Bitcoin as a means to protect against inflation and serve as an alternative cash source. Since then, the leading cryptocurrency has experienced a remarkable surge, gaining almost 600%. Additionally, this strategic move on Saylor’s part significantly contributed to MicroStrategy’s stock price escalation, which has soared beyond 1,000% since the announcement of Bitcoin acquisitions.
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2024-06-20 18:51