5 hours ago · 2 min read
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MicroStrategy buys 13,005 more Bitcoin, now holds 105,000 BTC
The firm started buying Bitcoin back in August last year and continues to add to its coffers.
Business analytics firm MicroStrategy has acquired 13,005 Bitcoin (BTC), CEO Michael Saylor said in a tweet today. The firm now holds over 105,000 Bitcoin in total as a result.
“MicroStrategy has purchased an additional 13,005 bitcoins for ~$489 million in cash at an average price of ~$37,617 per bitcoin,” tweeted Saylor, adding: “As of 6/21/21 we #hodl ~105,085 bitcoins acquired for ~$2.741 billion at an average price of ~$26,080 per bitcoin.”
MicroStrategy has purchased an additional 13,005 bitcoins for ~$489 million in cash at an average price of ~$37,617 per bitcoin. As of 6/21/21 we #hodl ~105,085 bitcoins acquired for ~$2.741 billion at an average price of ~$26,080 per bitcoin. $MSTRhttps://t.co/gLfnOxZEZc
— Michael Saylor (@michael_saylor) June 21, 2021
The move comes after MicroStrategy announced the issue of $400 million in a convertible note earlier this month, with all proceeds set to be reinvested in Bitcoin. The note was oversubscribed by over $100 million, ballooning to a total of $500 million meant for Bitcoin.
92,000 BTC is now held in the custody of a subsidiary company called ‘MacroStrategy LLC.’ As such, the notes will be fully and unconditionally guaranteed on a senior secured basis, with all proceeds meant to be reinvested into Bitcoin.
Founded as a business analytics company, MicroStrategy now lists its Bitcoin purchases as one of two ‘core’ business strategies.
“Acquire and hold bitcoin, which we view as a dependable store of value supported by a robust, public, open-source architecture untethered to sovereign monetary policy,” the company says, as per a press release today.
Meanwhile, the Bitcoin buying spree isn’t finished yet. As CryptoSlate reported earlier this month, MicroStrategy is interested in selling over $1 billion of stock and using the proceeds for ‘general purposes’—one of which could include buying even more Bitcoin.