Bitcoin hedge fund MicroStrategy announced that it bought $1.1 billion worth of Bitcoin at $60,408/BTC.
MicroStrategy is a Nasdaq-listed business intelligence company that is well-known in the crypto space for its Bitcoin holdings. Under the leadership of former MicroStrategy CEO Michael Saylor, the company purchased Bitcoin to hold its BTC holdings in the company’s reserves indefinitely.
On September 13, 2024, MicroStrategy's Michael Saylor announced that the company had purchased an additional 18,300 BTC at an estimated cost of $1.11 billion, with each Bitcoin valued at approximately $60,408. As of September 12, 2024, the company now holds a total of 244,800 BTC, acquired for a total cumulative investment of approximately $9.45 billion, at an average price of $38,585 per Bitcoin.
MicroStrategy purchased 18,300 BTC for approximately $1.11 billion at approximately $60,408 pe#bitcoinand has achieved a BTC Yield of 4.4% QTD and 17.0% YTD. As of 9/12/2024, we hold 244,800 $BTC purchased for approximately $9.45 billion at approximately $38,585 per bitcoin.
The company’s Bitcoin holdings have returned 4.4% for the quarter to date (QTD) and 17.0% for the year to date (YTD). The current valuation of all these Bitcoins at current trading prices is $14.82 billion. This means the company currently has unrealized profits of nearly $5 billion.
It's worth noting that Saylor stepped down as CEO a few years ago, only to devote all his time to the company's Bitcoin-related plans. Just a few days ago, Saylor predicted that Bitcoin would reach $13 million per coin in the next decade or two.
Bitcoin Price Action
This news acted as a major catalyst, pushing Bitcoin's trading price higher. Bitcoin's current trading price is $60,400, up 4% over the past 24 hours.
