MicroStrategy Bags 1% of Bitcoin's Total Supply with $600M Purchase! 🚀

MicroStrategy Acquires Additional 9,245 Bitcoin Worth $623 Million

MicroStrategy, the business analytics firm co-founded by Michael Saylor, has recently announced its acquisition of an additional 9,245 Bitcoin. This purchase brings MicroStrategy’s total holdings to 214,245 BTC, worth approximately $13.6 billion. Notably, this represents over 1% of the total supply of Bitcoin.

MicroStrategy’s Latest Bitcoin Purchase:

The recent acquisition of 9,245 BTC was made using proceeds from convertible notes and excess cash.
The purchase was executed at an average price of $67,382 per Bitcoin.

MicroStrategy’s Dominance in Bitcoin Holdings:

Even prior to this latest purchase, MicroStrategy already held more Bitcoin than its competitors with approximately 205,000 BTC in its possession.

Saylor’s Twitter Announcement:

Michael Saylor shared the news on Twitter, stating that the acquisition was made for a total of $623.0 million.
He also disclosed that MicroStrategy’s average cost per Bitcoin is $35,160.

MicroStrategy’s Strategy for More Bitcoin:

Last week, Saylor revealed his plan to sell over $500 million in convertible senior notes to institutional investors in order to purchase additional Bitcoin.

Bitcoin Flash Crash Temporarily Impacts MicroStrategy’s Purchase

Around the same time as Saylor’s announcement on Twitter, a flash crash occurred on the Bitmex exchange, causing a temporary dip in Bitcoin’s price. This led to MicroStrategy’s latest purchase being valued at approximately $581.2 million, down 6.71% from the initial $623 million figure.

Details of the Flash Crash:

The flash crash resulted in an 80% drop in Bitcoin’s price on the Bitmex exchange, briefly falling below $9,000.
The crash lasted only a few minutes before Bitcoin quickly rebounded to $67,000.
BitMex is currently investigating the incident.

Bitcoin’s Current Price:

As of writing, the price of Bitcoin stands at $65,453 according to CoinGecko data.

Saylor’s Stance on Holding Bitcoin:

Saylor has consistently emphasized that MicroStrategy has no intention of selling its Bitcoin holdings, referring to it as their “exit strategy.”
In February, he stated that Bitcoin is a trillion-dollar asset class and likened it to major companies like Apple, Google, and Microsoft.
Saylor firmly believes that there is no reason to sell Bitcoin, the winner, in order to invest in other assets.

Hot Take: MicroStrategy’s Ongoing Bitcoin Accumulation Signals Confidence in Crypto

MicroStrategy’s latest purchase of 9,245 Bitcoin reinforces the company’s unwavering confidence in the cryptocurrency market. By acquiring such a substantial amount of BTC, MicroStrategy continues to solidify its position as a major player in the industry. This move sends a clear message that they believe in the long-term value and potential of Bitcoin.

Key Takeaways:

MicroStrategy acquires an additional 9,245 BTC, bringing its total holdings to 214,245 BTC worth $13.6 billion.
The purchase was made using proceeds from convertible notes and excess cash at an average price of $67,382 per Bitcoin.
MicroStrategy already held more Bitcoin than its competitors even before this acquisition.
The flash crash on the Bitmex exchange temporarily impacted the value of MicroStrategy’s latest purchase.
Saylor reaffirms that MicroStrategy has no plans to sell its Bitcoin holdings, emphasizing Bitcoin as their “exit strategy.”

MicroStrategy’s ongoing accumulation of Bitcoin demonstrates their belief in the digital asset and its potential for long-term growth. With their substantial BTC holdings, they are positioning themselves as a key player in the crypto space. As Bitcoin continues to gain mainstream acceptance, MicroStrategy’s strategic moves may prove to be highly advantageous in the future.