MicroStrategy Makes It Biggest Bitcoin Purchase
MicroStrategy topped off its corporate coffers with a $5.4 billion Bitcoin purchase on Monday for the third time this month, increasing its total holdings to 386,700 BTC, or $37.6 billion. This is the biggest Bitcoin purchase disclosure the company has ever made, in BTC and value in dollars.
MicroStrategy has made the largest Bitcoin acquisition since the business began hoarding cryptocurrency in August 2020 under the direction of Executive Chairman Michael Saylor. MicroStrategy used the proceeds from the sale of its shares and convertible note offerings to buy $5.4 billion worth of Bitcoin As stated in a filing,
The company claimed to have acquired approximately 55,500 Bitcoin, with an average purchase price of $97,862. MicroStrategy’s stock price hit $439, up 4% during pre-market trading Before Monday’s opening bell,
However, as investors processed the Bitcoin-buying company’s most recent acquisition, MicroStrategy’s stock price shortly fell 1% to about $420 per share MicroStrategy’s stock has risen 80% in the last month as the purported Bitcoin treasury company’s BTC purchases have accelerated at an unprecedented rate.
MicroStrategy’s stock has increased 500% so far this year. MicroStrategy increased its sizeable Bitcoin holdings on Monday by acquiring 51,780 BTC, or $4.16 billion under the leadership of Executive Chairman and vocal Bitcoin supporter Michael Saylor.
MicroStrategy and Saylor since 2020 strategically decided to invest in the top cryptocurrency to “maximize long-term value for shareholders,” the purchase is the most recent—and largest—in a series of Bitcoin acquisitions. The business intelligence company has since changed it. Bitcoin Treasuries estimates that MicroStrategy has bought about 134,480 Bitcoin this month, for about $13 billion.
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