MicroStrategy, the renowned business intelligence company led by CEO Michael Saylor, has once again made headlines in the cryptocurrency world.
The firm announced its recent acquisition of 12,333 Bitcoin at an average price of $28,136 per BTC, amounting to a total expenditure of approximately $347 million.
This latest purchase brings MicroStrategy’s BTC holdings to an impressive 152,333 BTC as of June 27, 2023, with an average purchase price of $29,668 and a total cost of around $4.52 billion.
MicroStrategy has garnered attention for its active involvement in the cryptocurrency market, specifically its consistent accumulation of Bitcoin, even during periods of market volatility.
The company has utilized both cash and stock financing to fuel its Bitcoin purchases, showing unwavering confidence in the long-term potential of the digital asset.
Saylor, known for his bullish stance on Bitcoin, took to Twitter to report the company’s successful acquisition of 12,333 BTC for approximately $347 million, emphasizing the average purchase price of $28,136 per BTC.
He also highlighted the significant growth in MicroStrategy’s BTC holdings, reaching a remarkable 152,333 BTC as of June 27, 2023.
Bitcoin Accumulation Pays Off
MicroStrategy’s consistent accumulation of Bitcoin has not only solidified its position as a major player in the cryptocurrency space but has also proven to be financially beneficial.
In the first quarter of 2023, the company reported its first profitable quarter since 2020, largely due to a one-time income tax benefit. This positive financial outcome further supports MicroStrategy’s leveraging of Bitcoin as a valuable asset within its corporate treasury.
Additionally, MicroStrategy recently disclosed that it entered into a Sales Agreement with Cowen and Company, LLC and Canaccord Genuity LLC, allowing the issuance and sale of its class A common stock shares.
This agreement enables MicroStrategy to offer up to $625 million worth of shares from time to time through the sales agents.
As of June 27, 2023, the company has already issued and sold a total of 1,079,170 shares under the Sales Agreement, generating net proceeds of approximately $333.7 million after accounting for sales commissions and expenses.
MicroStrategy’s continued involvement in the cryptocurrency market and its strategic moves to bolster its Bitcoin holdings and explore financing options have solidified the company’s position as a trailblazer in the crypto industry.
However, with Saylor at the helm, MicroStrategy remains a prominent advocate for Bitcoin and a leader in integrating digital assets into traditional financial frameworks.
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