MicroStrategy Amplifies Its Bitcoin Portfolio With Additional Purchase. $615M Worth Additional BTC

MicroStrategy buying more Bitcoin (BTC)

✍️ 27 December, 2023 - 16:26 👤 Editor: Jakub Motyka

MicroStrategy, recognized as one of the largest corporate holders of Bitcoin (BTC), has further solidified its position in the cryptocurrency market with a significant new acquisition.

The company has added 14,620 Bitcoin (BTC) to its holdings, an investment amounting to approximately $615.7 million.

This move pushes MicroStrategy's total Bitcoin holdings to an impressive 189,150 BTC, valued at around $5.9 billion.

Strategic Investment In Bitcoin (BTC) From MicroStrategy

Michael Saylor, the Executive Chairman of MicroStrategy, revealed that the company purchased the additional Bitcoin (BTC) at an average price of $42,110 per coin. This purchase is part of a broader strategy that MicroStrategy has been pursuing since August 2020.

The company's previous major acquisition occurred last month when it bought 16,130 BTC, valued at around $608 million at the time of purchase. This consistent investment in Bitcoin underscores MicroStrategy's confidence in the digital asset as a long-term store of value and investment vehicle.

To facilitate this substantial acquisition, MicroStrategy raised $610.1 million through its at-the-market (ATM) shares offering, which was part of a larger $750 million offering. This method of financing indicates MicroStrategy's commitment to expanding its Bitcoin portfolio, even as it leverages its existing assets and market opportunities to fund these purchases.

Since its initial foray into Bitcoin (BTC) in August 2020, MicroStrategy has been steadily increasing its Bitcoin holdings. The company's strategy reflects a strong belief in the potential of Bitcoin, both as a hedge against inflation and as a pivotal asset in the emerging digital economy. With a total investment averaging $31,168 per BTC, MicroStrategy's aggressive accumulation strategy has positioned it as a key corporate player in the cryptocurrency space.

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