$1 billion bitcoin, Elon Musk, institutional investors, michael saylor, microstrategy bitcoin, microstrategy btc, microstrategy crypto, Tesla

Nasdaq-listed Microstrategy has purchased 29,646 more bitcoins for $650 million. The latest purchase brings the company’s bitcoin holdings to 70,470 — worth more than $1.6 billion.

Microstrategy Now Has Over $1.6 Billion in Bitcoin

Billion-dollar public company Microstrategy (Nasdaq: MSTR) announced its latest bitcoin purchase on Monday. CEO Michael Saylor tweeted:

Microstrategy started buying large amounts of bitcoin in August via Coinbase’s institutional service, making the cryptocurrency its primary reserve asset. After exhausting its own excess cash, the company raised funds by selling $650 million worth of convertible senior notes to buy more bitcoin, causing Citigroup to downgrade its stock. At the current price, Microstrategy’s 70,470 bitcoins are worth more than $1.6 billion.

Saylor, who is now an avid bitcoin proponent, tried to convince Elon Musk over the weekend to move billions of dollars of Tesla’s funds into bitcoin. “If you want to do your shareholders a $100 billion favor, convert the $TSLA balance sheet from USD to BTC. Other firms on the S&P 500 would follow your lead & in time it would grow to become a $1 trillion favor,†he told Musk on Sunday. Saylor then offered to share his playbook with Musk offline.

“The acquisition of additional bitcoins announced today reaffirms our belief that bitcoin, as the world’s most widely-adopted cryptocurrency, is a dependable store of value,†Saylor opined. Commenting on his company’s latest bitcoin purchase, Microstrategy CFO Phong Le said:

What do you think about Microstrategy’s mega bitcoin purchases? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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