Nasdaq-listed MicroStrategy Continues to Accumulate Bitcoin
You may already be aware that MicroStrategy, the world’s leading corporate Bitcoin holder, has been actively purchasing more of the cryptocurrency. In fact, the company has just announced its latest acquisition of an additional 5,445 BTC during August and September.
According to their recent filing with the Securities and Exchange Commission (SEC), MicroStrategy purchased these Bitcoins at an average price of $27,053 per Bitcoin, which amounts to a total investment of $147.3 million. This brings their total Bitcoin holdings to approximately 158,245 BTC, acquired at an average purchase price of $29,582 per Bitcoin.
Sales Agreement and Proceeds
MicroStrategy also revealed that it entered into a sales agreement last month with Cowen and Company, Canaccord Genuity, and Berenberg Capital Markets as sales agents. The agreement allows them to sell shares worth up to $750 million.
As of now, the agents have sold a total of 403,362 shares for a net proceeds value of approximately $147.3 million.
Bitcoin Investments and Strategy
In August, MicroStrategy faced an unrealized loss of over $600 million due to the price crash of Bitcoin to around $25,000. However, the company’s chairman, Michael Saylor, has consistently emphasized that they have no intention of selling their Bitcoin holdings.
Saylor stated in an interview with CNBC earlier this year that their strategy is to buy and hold Bitcoin. They prioritize consistency, transparency, and responsibility in pursuing this strategy.
Hot Take: MicroStrategy Remains Bullish on Bitcoin
Despite facing short-term losses in their Bitcoin investments, MicroStrategy continues to accumulate the cryptocurrency. Their commitment to holding Bitcoin demonstrates their long-term bullish outlook on its potential. With their ongoing purchases, MicroStrategy solidifies its position as a major player in the corporate adoption of Bitcoin.
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