MicroStrategy, the leading business intelligence firm, has once again demonstrated its unwavering commitment to Bitcoin by acquiring an additional 12,000 BTC for approximately $821.7 million in cash.
TLDR
- MicroStrategy acquired an additional 12,000 BTC for approximately $821.7 million, increasing its total Bitcoin holdings to around 205,000 BTC.
- The company’s latest purchase was funded by a successful private offering of convertible senior notes, which raised a total of $800 million.
- MicroStrategy’s stock price (MSTR) surged nearly 14% following the announcement, ending the day with a 4% gain and a 106% gain for the month.
- Bitcoin’s price reached a new all-time high of $72,200, with its market capitalization hitting $1.41 trillion.
- MicroStrategy’s co-founder and CEO, Michael Saylor, remains bullish on Bitcoin, predicting that it will eventually surpass gold as a store of value.
This strategic move, which took place on March 11, 2024, was made possible by the company’s successful private offering of convertible senior notes on March 8, 2024, which raised a total of $800 million.
The overwhelming investor demand for the notes allowed MicroStrategy to expand the offering and secure net proceeds of approximately $782.0 million, empowering the company to execute its Bitcoin acquisition plan.
With this latest purchase, MicroStrategy now holds an impressive aggregate of around 205,000 BTC, acquired at a total purchase price of approximately $6.91 billion, solidifying its position as one of the largest institutional holders of Bitcoin globally.
#Bitcoin is Digital Property. It is superior to other investments such as Gold, Equity, or Real Estate because it is digital, available, global, ethical, & useful to millions of companies and billions of people. pic.twitter.com/738dblB0Zt
— Michael Saylor⚡️ (@saylor) March 11, 2024
The company’s stock price (MSTR) reacted positively to the news, surging nearly 14% and ending the day with a 4% gain, contributing to a remarkable 106% gain for the month.
This surge in MicroStrategy’s stock price coincided with Bitcoin’s own record-breaking run, which saw the cryptocurrency reach a new all-time high of $72,200 and its market capitalization hit $1.41 trillion.
MicroStrategy’s co-founder and CEO, Michael Saylor, remains a vocal advocate for Bitcoin, describing it as a superior investment to traditional assets like gold and equities.
Saylor believes that Bitcoin’s digital nature and 24/7 trading availability give it a significant advantage over gold, predicting that the cryptocurrency’s market cap will eventually surpass that of the precious metal.
As institutional interest in digital assets continues to grow, MicroStrategy’s bold bet on Bitcoin exemplifies the increasing recognition of cryptocurrencies as a viable store of value and diversification strategy within corporate circles.
