MicroStrategy buys another 19,452 Bitcoins for $1.026 billion
Further increasing their Bitcoin holdings, publicly traded company MicroStrategy has now acquired an additional 19,452 Bitcoins worth about $1.026 billion. The company’s CEO Michael Saylor broke the news on Twitter and said that MicroStrategy purchased the asset for $52,765 per bitcoin.
As of 24 February, the firm holds about 90,531 Bitcoins to date, making it the largest institutional investor of the asset. According to BitcoinTreasuries, Tesla, Galaxy Digital and Square rank second, third, and fourth in the list of corporate buyers of the asset.
CEO Michael Saylor said in a statement:
The company remains focused on our two corporate strategies of growing our enterprise analytics software business and acquiring and holding bitcoin.
He further added that Bitcoin can serve as a “dependable store of value” and revealed that the company will continue to pursue the acquisition of more Bitcoin.
On 19 February, MicroStrategy announced the completion of a $1.05 billion debt offering, thus allowing the firm to again invest in Bitcoin, at the time. This occurred after the company decided to offer $600 million worth of convertible senior notes to institutional buyers, which would allow the firm to use the net proceeds from the sale of the notes to acquire additional Bitcoins, as they intended to.
It will be interesting to watch if the firm’s investment could bring about fresh price action in the Bitcoin market. Especially since, at press time, BTC was trading at $49,856.84 and has been down 3.5% in the past hour.