Michael Saylor, the cofounder and chairman of MicroStrategy, has taken to X (formerly Twitter) to share an exciting update about the company's growing Bitcoin stash.
Saylor revealed that MicroStrategy has bolstered its cryptocurrency reserves by acquiring an additional 11,931 BTC, amounting to over $786 million. This was financed through the proceeds from convertible notes and excess cash, purchasing the BTC coins at an average price of approximately $65,883 per BTC.
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
The said 11,931 Bitcoin were acquired between April 27 and June 19, according to a filing on Thursday with the U.S. Securities and Exchange Commission (SEC). Notably, this is MicroStrategy’s third largest acquisition of Bitcoin following its $821 million purchase of 12,000 tokens on March 11.
This substantial acquisition adds to MicroStrategy's already significant Bitcoin holdings. As of June 20, 2024, the company now holds a total of 226,331 BTC, acquired for over $8.33 billion at an average price of $36,798 per Bitcoin.
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MicroStrategy's decision to expand its Bitcoin stash coincides with a period of lackluster price movements for the crypto market. Bitcoin has slightly eased after an impressive rally that took it to all-time highs of above $73,000 in mid-March. At the time of writing, BTC was down 0.18% in the last 24 hours to $64,859, extending its sell-off for this week.
MicroStrategy's aggressive investment strategy has positioned it as a leading corporate holder of Bitcoin, reflecting a strong belief in the cryptocurrency's value proposition.
Saylor started buying Bitcoin in 2020 as an inflation hedge and cash alternative. The biggest cryptocurrency has increased by nearly 600% since Saylor began purchasing it. Furthermore, the decision to buy Bitcoin has boosted MicroStrategy's stock price, which has risen by more than 1,000% since Saylor's decision.