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MicroStrategy Invests an Additional $1.11 Billion in Bitcoin
- MicroStrategy has invested a whopping US $1.1b to advance its Bitcoin portfolio, buying 18,300 BTC.
- The company raised funds for the purchase by selling over 8 million shares.
- The investment brings MicroStrategy’s total BTC holdings to over 244,000, valued at US $14b.
- This is nearly 10x larger than the next biggest public Bitcoin holder, Marathon Digital Holdings.
I know, I know – it’s been over a month since our last “Michael Saylor buys Bitcoin” article, and I’m sure some of our readership were getting worried.
Well, fear not – MicroStrategy is back, announcing yet another billion-dollar investment into BTC.
The company is amassing a huge portfolio of the coin, bringing its total holdings to 244,800 Bitcoin, worth approximately AU $20.8b.
Related: Michael Saylor Says Bitcoin Will go to 13 Million, Calls it Asset Without Counterparty Risk
MicroStrategy Now Owns Nearly 10x More Bitcoin Than Second-Biggest Public Holder
The most recent investment comes as Bitcoin (and the crypto market in general) sits in a bit of a lull, with the coin ranging around the US $60k (AU $90k) mark.
The purchases were made throughout August, with an average buy price of US $60,408 (AU $91k) per BTC.
The US $1.1b (AU $1.6b) investment was funded through a Sales Agreement MicroStrategy put in place with several financial institutions, selling a significant portion of company stock. This allowed the team to nab another 18,300 BTC – an investment nearly the same size as the second-biggest public Bitcoin holder’s entire portfolio (Marathon Digital with approx 26,000 BTC).
MicroStrategy Stock Soars as Profits Pour In
Saylor has demonstrated a unique love for Bitcoin that’s been unmatched across the business world, and for good reason.
The multi-billion BTC portfolio has an average buy price of around US $37k (AU $55k) per BTC. This puts MicroStrategy’s paper gains at a whopping US $5.4b (AU $8b) purely from accumulating Bitcoin.
The news gets even better for Saylor and co, with MicroStrategy’s stock (MSTR) rebounding following a lackluster six months. MSTR rose 18% over the past five days of trading, pushing the asset’s price close to its monthly high.
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Author
Ben Knight
Ben Knight is a writer and editor from Melbourne with a passion for all things music and finance. He enjoys turning complex topics – especially the technical details of cryptocurrency – into digestible bites that anybody can understand. He acquired his Master’s in Writing, Editing and Publishing from RMIT in 2019 and has run his own creative writing business ever since.
