Microstrategy Buys 29,646 More Bitcoins — Now Holds Over $1.6 Billion in BTC

Microstrategy Buys 29,646 More Bitcoins - Now Holds Over $1 Billion Worth of BTC

Nasdaq-listed Microstrategy has purchased 29,646 more bitcoins for $650 million. The latest purchase brings the company’s bitcoin holdings to 70,470 — worth more than $1.6 billion.

Microstrategy Now Has Over $1.6 Billion in Bitcoin

Billion-dollar public company Microstrategy (Nasdaq: MSTR) announced its latest bitcoin purchase on Monday. CEO Michael Saylor tweeted:

Microstrategy has purchased an additional 29,646 bitcoins for $650 million at an average price of $21,925 per bitcoin and now hodl an aggregate of 70,470 bitcoins purchased for $1.125 billion at an average price of $15,964 per bitcoin.

Microstrategy started buying large amounts of bitcoin in August via Coinbase’s institutional service, making the cryptocurrency its primary reserve asset. After exhausting its own excess cash, the company raised funds by selling $650 million worth of convertible senior notes to buy more bitcoin, causing Citigroup to downgrade its stock. At the current price, Microstrategy’s 70,470 bitcoins are worth more than $1.6 billion.

Saylor, who is now an avid bitcoin proponent, tried to convince Elon Musk over the weekend to move billions of dollars of Tesla’s funds into bitcoin. “If you want to do your shareholders a $100 billion favor, convert the $TSLA balance sheet from USD to BTC. Other firms on the S&P 500 would follow your lead & in time it would grow to become a $1 trillion favor,” he told Musk on Sunday. Saylor then offered to share his playbook with Musk offline.

“The acquisition of additional bitcoins announced today reaffirms our belief that bitcoin, as the world’s most widely-adopted cryptocurrency, is a dependable store of value,” Saylor opined. Commenting on his company’s latest bitcoin purchase, Microstrategy CFO Phong Le said:

The company continues to believe bitcoin will provide the opportunity for better returns and preserve the value of our capital over time compared to holding cash.

What do you think about Microstrategy’s mega bitcoin purchases? Let us know in the comments section below.

The post Microstrategy Buys 29,646 More Bitcoins — Now Holds Over $1.6 Billion in BTC appeared first on Bitcoin News.

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