In total, MicroStrategy's portfolio now holds 152,333 Bitcoin.
MicroStrategy, a prominent software analytics company, expanded its Bitcoin portfolio by an additional $347 million.
The investment was confirmed on June 28th, marking the continued confidence of the tech firm in the leading cryptocurrency despite market fluctuations.
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MicroStrategy's newest investment facilitated the acquisition of an additional 12,333 Bitcoin (BTC) units.
The latest transaction significantly increased the firm's total Bitcoin holdings, elevating them to 152,333 Bitcoin, valued at $4.52 billion at current prices. The average cost per Bitcoin for the firm's combined holdings is approximately $29,668, the sum that is closely aligned with the $28,136 buying price.
New Bitcoin was acquired over two months, from April 27th to June 27th. The software analytics company undertook a strategic approach to finance this purchase by issuing new shares. The company explained:
On May 1st, 2023, MicroStrategy entered into a Sales Agreement with Cowen and Company, LLC and Canaccord Genuity LLC, as sales agents, pursuant to which MicroStrategy may issue and sell shares of its class A common stock, par value $0.001 per share (“Shares”), having an aggregate offering price of up to $625.0 million from time to time through the Agents.
MicroStrategy has reported that as of June 28th, it has issued and sold around 1,079,170 shares under this new strategy. The sales have provided the company with net proceeds totaling $337 million.
It is worth noting that this isn't the first time the company has made a significant addition to its Bitcoin portfolio. On April 5th, the company supplemented its balance sheet with an additional 1,045 Bitcoin, valued at $29.3 million.
Steering the ship at MicroStrategy is Michael Saylor, a steadfast Bitcoin advocate. Saylor has been pivotal in leading the corporate shift toward embracing Bitcoin as a strategic asset, citing its position as the world's largest cryptocurrency by market capitalization.
MicroStrategy continues to stake its claim in the Bitcoin market, unabated by market turbulence, as demonstrated by its recent $347 million investment. The unwavering faith shown by the software analytics firm reinforces the growing trend among businesses to integrate cryptocurrency into their financial strategy.
