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MicroStrategy Adds 7,420 More Bitcoin To Its Coffers, Secures $1 Billion In Cash For More BTC Acquisitions

MicroStrategy Adds 7,420 More Bitcoin To Its Coffers, Secures $1 Billion In Cash For More BTC Acquisitions
© Copyright Image: ZyCrypto

MicroStrategy, the worlds largest corporate holder of Bitcoin, announced its latest acquisition of the markets largest cryptocurrency. The Nasdaq-listed business intelligence company has acquired another 7,400 BTC for nearly $460 million, as revealed today by its Executive Chairman, Michael Saylor.

With this recent purchase, MicroStrategy has swelled its coffers to an aggregate of about 252,220 Bitcoins.

MicroStrategy Snapped Additional BTC This Week

MicroStrategy is continuing to expand its enormous stockpile of the bellwether cryptocurrency.

On Sept. 20, the company announced its acquisition of 4,420 BTC worth $458.2 million. With this recent purchase, the firm now holds approximately 252,220 Bitcoin, which, at Bitcoins current valuation, totals approximately $15.85 billion.

MicroStrategy says it acquired these coins at an aggregate purchase price of $9.9 billion, indicating unrealized profits of roughly 5.95 billion given BTCs current price of $62,963.

MicroStrategy, the American software firm co-founded by Bitcoins devoted evangelist Michael Saylor, was already the biggest institutional holder of Bitcoin by some distance. After the recent move, MicroStrategy now has a 226,275 BTC lead over Marathon Digitals 25,945 BTC hoard.

Saylor revealed in the X post that the company had also achieved a BTC yield of 5.1% quarter to date and 17.8% year to date and held 244,800 BTC as of Sept. 19.

Saylor and MicroStrategy began accumulating the worlds top cryptocurrency in 2020 and have since endeavored to spearhead a movement to adopt BTC as a reserve asset for other corporate treasuries. While several firms have added small amounts of Bitcoin to their balance sheets, of distinct note is Japan-based investment advisor MetaPlanet, which in recent months has not only added BTC to its coffers but following in MicroStrategys footsteps is trying to tap capital markets to acquire the crypto in amounts far more enormous than what its current market cap might show.

Readying For A Big Purchase

MicroStrategys latest Bitcoin purchase might not be the last this quarter.

The announcement followed earlier news of the company securing $1.01 billion through a convertible senior note sale, with the proceeds earmarked for additional Bitcoin buys.

While its not confirmed whether this most recent acquisition was financed directly by the $1.01 billion note, MicroStrategys strategy has often entailed using both corporate debt and excess cash to stockpile more Bitcoin.

Just last week, the firm disclosed an investment of 18,300 Bitcoin valued at around $1.1 billion at the time. And then a few days ago, the firm said it planned to raise $700 million to both pay off previous debts as well as scoop up even more Bitcoin.

Read more: https://zycrypto.com/microstrategy-adds-7420-more-bitcoin-to-its-coffers-secures-1-billion-in-cash-for-more-btc-acquisitions/

Text source: ZyCrypto

Disclaimer: Financial information and news are not financial advice, read the disclaimer.
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