🍋🍋🍋Strategy purchased bitcoins worth $1.9 billion!!!🍋🍋🍋
The company Strategy (formerly MicroStrategy) purchased bitcoins worth $1.9 billion, making it the largest cryptocurrency acquisition in token form for them this year.
The purchase increased the digital asset holdings of the dot-com era software maker, which became a Bitcoin proxy, to approximately $43.4 billion. This is about 2.5% of all 21 million tokens that are planned to be issued.
According to data submitted to the U.S. Securities and Exchange Commission on March 31, former MicroStrategy acquired 22,048 bitcoins at an average price of about $86,969 during the period from March 24 to 30.
In the first quarter, Strategy spent $7.79 billion on bitcoins. The next largest purchase, measured in tokens, amounted to 20,356. Overall, during the first quarter, the company of American entrepreneur Michael Saylor announced nine such transactions.
It is noted that Strategy financed the latest purchase with funds obtained during the common stock sale program in the market and the placement of preferred shares.
Strategy's common stock has increased by about 2200% since Saylor began investing the company's funds in bitcoin as a hedge against inflation in 2020. Bitcoin has risen by more than 600% over the same period. Hedge funds form part of the demand for convertible bonds that echo during public offerings, as they seek a strategy for deals that involve buying bonds and short selling stocks, essentially betting on the volatility of the underlying stocks.
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