MicroStrategy’s Chairman of the Board, Michael Saylor, announced in a recent statement that the company’s new Bitcoin your investment explained. The company received another 9,245 BTC, increasing its total investment to $623 million. This new investment was made with proceeds from convertible notes and excess cash. In particular, it was stated that the purchase coincided with a period when BTC had experienced a price decline in recent days.
MicroStrategy has acquired an additional 9,245 BTC for ~$623.0M using proceeds from convertible notes & excess cash for ~$67,382 per #bitcoin. As of 3/18/24, $MSTR hodls 214,246 $BTC acquired for ~$7.53B at average price of $35,160 per bitcoin. https://t.co/oeYJGgiuy0
NEWS CONTINUES BELOW— Michael Saylor⚡️ (@saylor) March 19, 2024
Bitcoin hit an all-time high of $73,750 five days ago, but soon fell to $65,630. Although there was a recovery in the last 24 hours, the asset fell to $62,490.
MicroStrategy’s Bitcoin portfolio reached 214,246 BTC for $7.53 billion after the new acquisition. The company’s total Bitcoin portfolio is worth $13.5 billion, which means an unrealized profit of 78%.
MicroStrategy Incorporated is a US-based company focused on cloud-based services and mobile software. The company has been accumulating Bitcoin almost every month since September 2020 and often turns out to be profitable.
MicroStrategy’s announcement on Tuesday comes just a week after the firm announced it had purchased 12,000 BTC for $821.7 million in the past week. These consistent purchases reflect the company’s belief in the asset class from a long-term perspective.
Kris Marszalek, CEO of Crypto.Com, also recently shared the views of leading investors such as MicroStrategy on Bitcoin, saying, “This is an asset you want to hold for decades, not days or weeks.”
Source : The Crypto Basic