Microstrategy, a publicly traded business intelligence company, doubled down and acquired an additional 12,000 BTC for approximately $821.7 million. This purchase significantly increased the company’s holdings, bringing its holdings to a whopping 205,000 BTC. This shows their strong commitment to digital currencies. The average price at which Microstrategy acquired Bitcoin is $68,477 per coin.
Microstrategy purchases 12,000 BTC. source. X
To finance this acquisition, Microstrategy primarily offered unsecured convertible notes with interest rates as low as 0.625%. The successful offering raised more than $800 million and highlighted institutional interest in Microstrategy’s Bitcoin investment strategy.
This purchase follows Microstrategy’s purchase of 3,000 BTC in February and reflects the company’s consistent efforts to increase its BTC holdings starting in 2020. Microstrategy now holds a total of 205,000 BTC after the company doubled again this week.
CEO Discusses Recent Bitcoin Doubledown
Michael Saylor reaffirmed his optimism about BTC’s long-term prospects in an interview with CNBC. Saylor believes BTC’s ability to withstand market declines has strengthened investor commitment. Saylor’s unwavering belief in Bitcoin amid historic market fluctuations reflects the changing perspectives of investors on the cryptocurrency’s potential.
“We are buying it to sustain a 100-year crash from $66,000 to $16,000. That shook the tourists. I shook the unbelievers“He said.
Michael Saylor, Source: CNBC Television.
The company’s continued investment in BTC highlights the growing institutional acceptance of cryptocurrencies. This mainstream adoption could potentially spur additional demand for Bitcoin, leading to continued price increases. Bitcoin’s increasing utility in decentralized finance applications and growing recognition as a potential hedge against inflation have further increased Bitcoin’s long-term preference. Saylor also noted in the CNBC interview that the currency is digital, global, and not tied to any company, government, or time zone, adding to the coin’s future uses and desirability.
Above all, Microstrategy’s move to acquire more Bitcoin and recent reports of the company doubling down this week indicate a rosy outlook for the future of cryptocurrencies. Despite market volatility, many investors with a long-term perspective remain hopeful about Bitcoin’s ability to revolutionize the industry in the future.