Microstrategy continues with its bitcoin accumulation strategy
Microstrategy announced last Thursday that it has acquired another 11,931 bitcoins for approximately $786 million, using proceeds from convertible notes and excess cash. The average purchase price was around $65,883 for bitcoin.
As of June 20, Microstrategy owns 226,331 bitcoins purchased for approximately $8.33 billion at an average price of $36,798 per bitcoin.
Microstrategy now owns more than 1.1% of the current supply of bitcoin in circulation, the largest amount of bitcoin held by a publicly traded company.
The company entered the bitcoin market in August 2020, making an initial investment of $250 million for 21,454 bitcoin. Since then, the company has steadily added to its holdings by creating a treasury reserve of bitcoin, a move that has since inspired other public companies to do the same.
