MicroStrategy has acquired an additional 9,245 Bitcoin, co-founder and CEO Michael Saylor said on Tuesday. The latest purchase, filed with the U.S. Securities and Exchange Commission, brings the business analytics company's total holdings to 214,245 BTC, valued at around $13.6 billion – representing over 1% of the top cryptocurrency's total supply .
Even before the purchase, MicroStrategy held more Bitcoin than its competitors, around 205,000 BTC.
“MicroStrategy acquired an additional 9,245 BTC for $623.0 million using convertible note proceeds and excess cash for $67,382 per Bitcoin,” Saylor wrote on Twitter. “As of 03/18/24, $MSTR holds 214,246 $BTC, purchased for $7.53 billion at an average price of $35,160 per Bitcoin.”
Last week, Saylor announced that MicroStrategy would sell over $500 million worth of convertible senior notes to institutional investors to buy more Bitcoin.
Saylor's bullish announcement was soured by a Bitcoin flash crash on the Bitmex exchange around the same time Saylor posted on Twitter. The Bitcoin price drop brought the amount of MicroStrategy's recent purchase to around $581.2 million, a 6.71% decrease from the $623 million originally announced by Saylor.
Bitcoin plunged 80% to below $9,000 on cryptocurrency exchange Bitmex early Tuesday. The flash crash only lasted a few minutes and Bitcoin recovered back to $67,000 ten minutes after the crash. BitMex said the company is investigating the incident.
The Price of Bitcoin According to CoinGecko data, the price is $65,453 at the time of writing.
While Saylor did not address the flash crash, the Bitcoin bull repeatedly said that MicroStrategy would not sell its holdings, calling the digital asset an “exit strategy.”
“Bitcoin is the exit strategy, it is the strongest asset. What we're seeing right now is that Bitcoin is just becoming a trillion-dollar asset class.” And it's right up there with names like Apple, Google and Microsoft,” Saylor told Bloomberg in February. “In this case, there is simply no reason to sell the winner to buy the losers.”
Edited by Ryan Ozawa.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.