Business software provider MicroStrategy purchased bitcoin for a record $4.6 billion. The company is considered the largest public corporate holder of the main cryptocurrency outside of the exchange-traded fund sector. This was reported by Bloomberg, citing documents filed with the U.S. Securities and Exchange Commission.
From November 11 to November 17, MicroStrategy bought about 51,780 bitcoins. Prior to that, from October 31 to November 10, the company purchased over 27,000 bitcoins and also made two large transactions in September.
Notably, to purchase cryptocurrency, MicroStrategy sold 13.6 million shares a week before November 17. Additionally, the company announced the issuance of additional convertible senior bonds worth $1.75 billion maturing in 2029 and plans to direct part of the raised funds towards purchasing cryptocurrency.
Currently, MicroStrategy owns 331,200 bitcoins, which accounts for over 1.5% of the total supply in circulation. In traditional currency, this is about $30 billion. At the same time, MicroStrategy has spent about $16.5 billion in total to purchase cryptocurrency. As of November 19, bitcoin is trading above $92,000.
MicroStrategy co-founder Michael Saylor decided to invest in bitcoin in 2020 as a hedging tool against inflation. Initially, the company used only cash to purchase tokens but later began to raise capital through the sale of shares and convertible debt instruments.
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