- MicroStrategy purchased an additional 9,245 BTC for $623 million, solidifying its status as a major public bitcoin holder.
- The company's total bitcoin holdings now stand at about 214,246 BTC, valued at approx. $13.3 billion, representing over 1% of all bitcoins that will ever exist.
- Following the SEC's approval of 11 spot bitcoin ETFs, the crypto market saw a surge, with BTC reaching a new ATH of over $73,000 before experiencing a recent price correction.
Business intelligence and software firm, MicroStrategy (MSTR) made their first bitcoin purchase of 21,454 BTC for $250 million in August 2020. Since then, MSTR has been on a bitcoin buying spree. It is, in fact, one of the largest corporate holders of Bitcoin today.
Solidifying its position, MSTR announced on Tuesday that it has purchased another 9,245 BTC for $623 million or about $67,400 per coin, according to a filing with the U.S. Securities and Exchange Commission (SEC).
Bitcoin advocate and former MicroStrategy CEO, Michael Saylor announced the acquisition of the new digital assets on X (formerly Twitter).
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
— Michael Saylor⚡️ (@saylor) March 19, 2024
With this recent acquisition, MicroStrategy's total bitcoin assets now amount to approximately 214,246 BTC (worth approx. $13.3 billion at current prices). This represents over 1% of the total 21 million bitcoins that will ultimately be available.
After the U.S. Securities and Exchange Commission (SEC) approved 11 spot bitcoin ETFs in January this year, BTC experienced a significant surge. Last month during an interview with CNBC, Saylor highlighted the ETF-driven demand surge for bitcoin.
“There are ten years of pent-up demand people have been waiting for these ETFs, and finally, mainstream investors are able to access bitcoin, and I think that is what’s driving the surge of capital in the asset class,” said Saylor.
Additionally, this month, Bitcoin exceeded the $73,000 threshold, setting a new all-time high mark. However, the cryptocurrency experienced a steep price correction on Tuesday. It is down almost 3% over the last 24 hours, and trading at $62,080 (at the time of writing), according to CoinGecko.
Edited by Harshajit Sarmah
