Bitcoin: MicroStrategy increases its holdings with a purchase of $786 million

Why is MicroStrategy investing so much in Bitcoin and how does it manage to finance these massive acquisitions? Just yesterday, the company bought an additional 11,931 bitcoins for $786 million, bringing its total to 226,331 BTC. This new purchase strengthens its position among the largest bitcoin holders in the world, demonstrating a bold strategy and unwavering confidence in the future of this cryptocurrency.

MicroStrategy increases its treasury by 11,931 BTC

MicroStrategy envisions a better future with the bitcoin it continues to fill its digital gold treasury. Indeed, the company led by Michael Saylor recently bought an additional 11,931 bitcoins for an amount of $786 million.

MicroStrategy has acquired an additional 11,931 BTC for ~$786.0M using proceeds from convertible notes & excess cash for ~$65,883 per #bitcoin. As of 6/20/24, $MSTR hodls 226,331 $BTC acquired for ~$8.33B at average price of $36,798 per bitcoin.https://t.co/jE9dGqqnON

— Michael Saylor (@saylor) June 20, 2024

“MicroStrategy has acquired an additional 11,931 BTC for approximately $786.0 million using the proceeds from convertible notes and excess cash for approximately $65,883 per #bitcoin. As of 6/20/24, $MSTR holds 226,331 $BTC acquired for ~8.33B$ at an average price of $36,798 per bitcoin,” Saylor tweeted.

This new acquisition brings the total number of coins held by the company to over 226,331, consolidating its position as one of the largest BTC holders in the world.

Since it began investing in bitcoin four years ago, MicroStrategy has demonstrated unwavering confidence in this cryptocurrency.

Bitcoin: A massive strategic investment

MicroStrategy’s purchase of bitcoins has always been a strategic move. This latest acquisition, made at an average price of $65,880 per BTC, shows an unwavering determination to strengthen its digital asset holdings.

In total, the company now holds nearly $15 billion worth of bitcoins.

With the SEC’s approval of Spot Bitcoin ETFs in January, institutional interest in bitcoin has skyrocketed, propelling its price to a record high of $73,000 in March 2024.

MicroStrategy took advantage of this momentum to issue an $800 million convertible note, far exceeding the initial announcement of $500 million.

Last March, it had already acquired 9,245 BTC for $623 million, confirming a continuous and aggressive buying strategy.

Will MicroStrategy be able to compete with the new BTC ETF issuer whales like BlackRock in this frenzied race for digital gold?