Nasdaq-listed Microstrategy has purchased 29,646 more bitcoins for $650 million. The latest purchase brings the companyâ€™s bitcoin holdings to 70,470 â€” 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 Coinbaseâ€™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, Microstrategyâ€™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 Teslaâ€™s funds into bitcoin. â€œIf 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,â€ he told Musk on Sunday. Saylor then offered to share his playbook with Musk offline.
â€œThe acquisition of additional bitcoins announced today reaffirms our belief that bitcoin, as the worldâ€™s most widely-adopted cryptocurrency, is a dependable store of value,â€ Saylor opined. Commenting on his companyâ€™s latest bitcoin purchase, Microstrategy CFO Phong Le said:
What do you think about Microstrategyâ€™s mega bitcoin purchases? Let us know in the comments section below.
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