U.Today: Michael Saylor, co-founder and president of MicroStrategy, took to X (formerly Twitter) to share an interesting update on the company's growing stock.
Saylor revealed that MicroStrategy has bolstered its cryptocurrency reserves by acquiring an additional 11,931 BTC, worth more than $786 million. This was funded with proceeds from convertible notes and excess cash, purchasing the BTC coins at an average price of approximately $65,883 per BTC.
Those 11,931 Bitcoin were acquired between April 27 and June 19, according to a Thursday filing with the U.S. Securities and Exchange Commission (SEC). Notably, this is the third largest Bitcoin acquisition by MicroStrategy after its purchase of 12,000 tokens for $821 million on March 11.
This significant acquisition adds to MicroStrategy's already significant Bitcoin holdings. As of June 20, 2024, the company now holds a total of 226,331 BTC, purchased for over $8.33 billion at an average price of $36,798 per Bitcoin.
MicroStrategy's decision to expand its Bitcoin reserve coincides with a period of lackluster price movements for the cryptocurrency market. Bitcoin has eased slightly after an impressive rally that took it to all-time highs of over $73,000 in mid-March. At the time of writing, BTC was down 0.18% in the last 24 hours to $64,859, extending its sell-off for this week.
MicroStrategy's aggressive investment strategy has positioned it as a leading corporate holder of Bitcoin, reflecting a strong belief in the cryptocurrency's value proposition.
Saylor began buying Bitcoin in 2020 as an inflation hedge and cash alternative. The largest cryptocurrency has risen almost 600% since Saylor started buying it. Additionally, the decision to purchase Bitcoin has boosted MicroStrategy's stock price, which has risen more than 1,000% since Saylor's decision.
This article was originally published on U.Today.
