CDS Crypto News MicroStrategy’s Bitcoin Blitz: 11,931 BTC Bagged at $786 Million, A Strategic Power Play

Crypto News

MicroStrategy’s Bitcoin Blitz: 11,931 BTC Bagged at $786 Million, A Strategic Power Play

Ecem EFE20/06/20241 Mins read352

Microstrategy'S Bitcoin Blitz: 11,931 Btc Bagged At $786 Million, A Strategic Power Play

MicroStrategy’s Bitcoin Buying Spree: Snags 11,931 BTC for $786 Million, Reinforces Crypto Commitment

Crypto News- In a striking move that reinforces its dedication to the world of cryptocurrency, the American software and business intelligence firm MicroStrategy recently made headlines with its significant acquisition of Bitcoin (BTC).

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Strategic Acquisition Details

Between April 27 and June 19, 2024, MicroStrategy procured a staggering 11,931 BTC at an average price of $65,883 per Bitcoin. This hefty investment amounted to a total of $786 million.

Funding the Purchase

MicroStrategy’s commitment to Bitcoin was made evident through the utilization of proceeds from a private offering of convertible senior notes and excess cash to finance this purchase. The firm concluded the private offering on June 18, 2024, raising a substantial $800 million.

Michael Saylor’s Insight

Founder and chairman of MicroStrategy, Michael Saylor, expressed his perspective on this significant acquisition.

“As of June 20, 2024, MicroStrategy holds 226,331 BTC acquired for approximately $8.33 billion, averaging at $36,798 per Bitcoin.”

Continuing Aggressive Bitcoin Strategy

MicroStrategy’s aggressive pursuit of Bitcoin continues to set it apart in the business landscape, showcasing a steadfast belief in the potential of cryptocurrency as a valuable asset. This latest move solidifies the company’s position as a leading player in the crypto sphere.

FAQ

What prompted MicroStrategy’s recent acquisition of Bitcoin?

MicroStrategy’s recent acquisition of Bitcoin is in line with its ongoing commitment to the cryptocurrency. The company sees Bitcoin as a valuable asset with significant potential for long-term growth and value preservation.

How did MicroStrategy finance its purchase of Bitcoin?

MicroStrategy financed its purchase of Bitcoin using proceeds from a private offering of convertible senior notes, along with excess cash reserves. The company completed the private offering on June 18, 2024, raising $800 million.

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Written by

Ecem EFE

Since 2022, Ecem has been creating digital content, combining her passion for technology with writing. Continuing her education in the Mathematics department, Ecem focuses on producing in-depth content on areas such as blockchain, artificial intelligence, and cryptocurrency. She aims to simplify these topics and present them to a wide audience, sharing valuable insights into the crypto industry through her writing. With her innovative content, she strives to raise awareness in the digital world.