🔥 Microstrategy Has Acquired an Additional 11,931 Bitcoin for ~$786.0M
MicroStrategy has just dialed up its Bitcoin game again, acquiring an additional 11,931 Bitcoin, valued at a whopping $786 million. The acquisition was strategically funded through convertible notes and surplus cash, averaging a buy-in at around $65,883 per bitcoin.
As of June 20, MicroStrategy’s vaults are bulging with an astounding 226,331 bitcoins, accumulated at an average price of $36,798 each. This massive trove was built with a total investment of nearly $8.33 billion. Michael Saylor, the company’s founder and chairman, might as well be the poster child for Bitcoin hype.
💬 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.
Under his leadership, MicroStrategy has transformed from a lesser-known software entity into a crypto giant. It currently holds about 1.1% of the world’s Bitcoin stash and is valued at approximately $14.5 billion.
MicroStrategy’s stock has surged by a staggering 135% just this year, with analysts from Bernstein giving the company a hearty outperform rating.
They’ve pegged the price target at $2,890, which suggests another 80% growth could still be on the horizon. For comparison, Bitcoin has climbed by 57% over the same period. That’s not too shabby for the granddaddy of cryptocurrencies, but it’s still lagging behind MicroStrategy.
With the aggressive accumulation strategy that MicroStrategy has adopted, each equity share is now heavier with Bitcoin than ever before, growing about four times in dollar terms. That’s double the growth rate of Bitcoin’s spot price itself.
