MicroStrategy Doubles Down on Bitcoin, Acquires Additional 9200 BTC

HomeMarket NewsBitcoin

MicroStrategy Doubles Down on Bitcoin, Acquires Additional 9200 BTC

Last updated on May 18th, 2024 at 12:49 pm

In a bold affirmation of its unwavering belief in Bitcoin, MicroStrategy has once again backed its stance on the digital asset by acquiring more than 9,200 BTC tokens. The business intelligence company revealed this earlier today in a press release stating that it has purchased a staggering 9,245 BTC tokens, valued at approximately $623 million. This latest investment elevates the company’s Bitcoin reserves to a staggering total of more than 210,000 BTC.

MicroStrategy’s Bitcoin Treasury Grows

Founded by Michael Saylor, MicroStrategy has consistently been at the forefront of corporate Bitcoin adoption. The recent purchase, detailed in a U.S. federal government filing on March 19, brings the company’s holdings to 214,246 BTC.

This represents a notable 1.02% of the total supply of Bitcoin, amounting to a market value of $13.8 billion and a profit exceeding $6 billion. Saylor announced on social media that MicroStrategy’s Bitcoin investments now total around $7.53 billion, with an average acquisition cost of $35,160 per Bitcoin.

According to the announcement, the funds for this acquisition were sourced from a $592.3 million debt offering and an additional $30.7 million in excess cash. This marks the second instance where the company has utilized debt offerings to expand its Bitcoin portfolio.


thegreensafe large horizontal banner

MicroStrategy’s Vision for Bitcoin

Since its initial Bitcoin purchase in August 2020, MicroStrategy has viewed the cryptocurrency as a superior long-term investment and a hedge against inflation. Saylor, now the executive chairman, has often described Bitcoin as “digital gold” and a form of “property in cyberspace.”

Reiterating his commitment to Bitcoin, Saylor recently stated that he has no intention of selling any portion of MicroStrategy’s holdings in the foreseeable future. “I’m going to be buying the top forever. Bitcoin is the exit strategy,” he stated, signaling a long-term bullish stance on the cryptocurrency.

As the next Bitcoin halving event approaches, MicroStrategy’s aggressive expansion of its Bitcoin assets positions the company favorably. It’s worth noting that MicroStrategy’s Bitcoin treasury surpasses that of many spot BTC exchange-traded funds (ETFs) in the U.S., with BlackRock’s IBIT being one of the few exceptions, managing approximately 224,018 BTC.

With this strategic move, MicroStrategy continues to cement its status as a major player in the cryptocurrency space, leveraging Bitcoin’s potential to deliver enhanced shareholder value.

Free Tool: Use our simple crypto profit calculator to calculate your potential profits and returns on your cryptocurrency investments.<<<

Read more:

Special Offer (SPONSORED)

Binance Free $200 (Exclusive): Use this link to register and receive $200 free trading fee credit (terms).

"3Commas Trading Bot" Special Offer: Use this link to Sign up with 3Commas and get 10% off your first monthly subscription.

My name is Oklo Adiga and I am a blogger that loves writing. I am ambitious and driven, I thrive on challenges and constantly set goals for myself. Always feel free to reach out to me if you have any questions or if you just want to connect.