Michael Saylors MicroStrategy Now Owns 205,000 BTC After Latest Purchase Trumping BlackRocks ETF
MicroStrategy has doubled down on its Bitcoin strategy. The Michael Saylor-founded software intelligence company now owns over 200,000 BTC worth $14.7 billion, outpacing BlackRocks spot Bitcoin exchange-traded fund (ETF).
MicroStrategy Uses Note Offering To Acquire 12,000 Additional BTC
MicroStrategy on Monday reported the acquisition of 12,000 BTC, funded largely by the proceeds from its latest round of convertible debt offering.
MicroStrategy announced last week that it was looking to raise $600 million to add even more Bitcoin to its treasure trove through the sale of convertible senior notes in a private offering. But the offering went even better than the firm expected. MicroStrategy revealed on March 6 that there was so much demand for the offering it was increased to $700 million.
According to MicroStrategy founder and executive chairman Michael Saylor, the tech company bought its latest batch of Bitcoin for $68,477 per coin. After this recent buy, the firm now sits on 205,000 BTC acquired at an average price of $68,477, which translates to roughly $6.91 billion.
While not an ETF issuer, MicroStrategy has built a portfolio of BTC as part of its corporate treasury strategy. Nonetheless, MicroStrategys Bitcoin stockpile now exceeds the holdings of BlackRocks IBIT Bitcoin ETF, which stands at 197,943 BTC.
BTC Price Reaches $72,000
MicroStrategys decision to add more BTC to its balance sheet highlights its tactical approach to investment management.
The timing of the companys accumulation move coincides with Bitcoin registering a new all-time high of $72,341, indicating the increasing acceptance and adoption of the benchmark crypto as a legitimate asset class.
Speaking during a Monday interview, Saylor reaffirmed MicroStrategys commitment to Bitcoin as a long-term investment strategy.
Were buying it to hold it 100 years. That $66K to $16K crash that shook out the tourists, he opined. That shook out the non-believers. When it was 16K, we were all ready to ride it to zero. And thats what youll find with the Bitcoin maximalists.
Text source: ZyCrypto
