MicroStrategy Leads Corporate Bitcoin Holders With Massive Purchase

MicroStrategy buys $786m Bitcoin, leads corporate holdings amid market scrutiny.

Last updated: June 20, 2024 2:58 pm

Aima Raza 5 months ago

A Business Intelligence Company MicroStrategy has bought an extra 11,931 Bitcoins for $786 million. These new Bitcoins make their total shares 226,331 and make them the most significant company that owns Bitcoin.

MicroStrategy has acquired an additional 11,931 BTC for ~$786.0M using proceeds from convertible notes & excess cash for ~$65,883 per #bitcoin. As of 6/20/24, $MSTR hodls 226,331 $BTC acquired for ~$8.33B at average price of $36,798 per bitcoin.https://t.co/jE9dGqqnON
— Michael Saylor⚡️ (@saylor) June 20, 2024

The company’s recent $800 million convertible note offering paid for the buy. Their average price to buy Bitcoin is now $36,798, although the most recent purchase cost an average of $65,883 per coin.

MicroStrategy’s Bitcoin Purchase Impact

Earlier today, Bitcoin quickly went over $66,000, reaching a high point of $66,436 during the day. As expected after Company’s recent debt increase, the significant buy did not have much of an effect on the market.

MicroStrategy’s stock (MSTR) is up 2.56% in pre-market trading and has gone up 114% so far this year, substantially beating Bitcoin.

Others, like gold supporter Peter Schiff, have looked closely at MicroStrategy’s plan to use debt to buy more Bitcoin, saying that CEO Michael Saylor’s actions may be boosting the Bitcoin market unnecessarily.

TAGGED: Bitcoin, Cryptocurrencies, MicroStrategy

By Aima Raza

As a practicing lawyer who focuses on issues related to crypto and blockchain, Aima gives our content a unique legal viewpoint. Because she is so good at navigating the constantly changing regulatory environment, our readers always know about the latest regulations and happenings in the crypto world.