Michael Saylors MicroStrategy Cant Get Enough Bitcoin, Buys More 18,300 BTC For $1.1 Billion
Previously a business intelligence and software company but now calling itself a Bitcoin development company, MicroStrategy just cant get enough Bitcoin.
MicroStrategy boosted its Bitcoin (BTC) stockpile with an 18,300 BTC acquisition between Aug. 6 and Sept. 12, according to an announcement by the companys co-founder and Chairman Michael Saylor.
MicroStrategys Bitcoin Holdings Rise To 244,800
According to a Form 8-K to the U.S. Securities and Exchange Commission, MicroStrategy purchased Bitcoin worth a whopping $1.11 billion at an average price of $60,408 per Bitcoin, inclusive of expenses and fees. Thats slightly higher than the current $59,707 price price of BTC as of press time. The latest Bitcoin acquisition was funded by the sale of 8,048,449 shares of company stock.
The company, famously bullish about the premier cryptocurrency and started purchasing BTC in 2020, now holds 244,800 BTC, valued at approximately $14.14 billion. MicroStrategys cost basis for this stockpile is $9.45 billion, or an average price of $38,585 per BTC.
Saylor noted that MicroStrategys year-to-date yield is 17%. Moreover, the firms profit stands at 50% based on current prices.
MicroStrategy remains the largest corporate holder of the largest and oldest cryptocurrency. The publicly traded company controls over 1% of the total Bitcoin supply, which is capped at 21 million.
Notably, MicroStrategys aggressive Bitcoin accumulation strategy has sparked both praise and criticism from observers over the years, but Saylor remains unfazed.
He recently forecasted that Bitcoin is going to eventually hit $13 million over the next 21 years, during an appearance at CNBC.
Bitcoin is 0.1% of the capital in the world right now, Saylor added. I think its going to go to 7% of the capital.
Its worth mentioning that MicroStrategy is not the only publicly listed company that has been purchasing Bitcoin in recent months. Just last week, Asias MicroStrategy Metaplanet scooped up 300 million Yen ($2 million) worth of BTC, after embarking on the strategic Bitcoin pivot in April 2024.
Text source: ZyCrypto
