MicroStrategy buys massive batch of Bitcoin
MicroStrategy, a titan in the business intelligence software sector traded on the NASDAQ and spearheaded by Michael Saylor, has recently expanded its Bitcoin holdings with a nearly $800 million investment.
This significant move follows the company's announcement just a week prior that it intended to gather $500 million (which was later adjusted to $700 million) for the purpose of acquiring Bitcoin.
Shortly afterwards, the firm upped its goal by 40%, reaching $700 million, noting that the funds would be directed towards adding more Bitcoin to its portfolio as well as covering general business expenses.
Today, Michael Saylor, the visionary founder and former chief executive of the company, broke the news on X about the successful completion of their Bitcoin procurement.
In addition to utilizing the $700 million obtained from the issuance of debt, the company also deployed surplus funds to total its Bitcoin addition to 11,931 BTC at a cost of $786 million, averaging a purchase price just below $66,000 per Bitcoin.
This latest acquisition propels MicroStrategy's total Bitcoin holdings to 226,331, now valued at beyond $8.3 billion, positioning the firm to revel in an unrealized profit exceeding $6.6 billion.
The trajectory of MicroStrategy's shares has been notably erratic throughout the year, making it a point of intrigue how the market will respond to the news of the company's latest Bitcoin investment.
