Microstrategy, a publicly-traded business intelligence company, has doubled-down and acquired 12,000 more BTC for around $821.7 million. This latest purchase significantly boosted the company’s holdings and brings their stash to a remarkable 205,000 BTC. This showcases their strong dedication to the digital currency. The average price at which Microstrategy acquired the Bitcoin stands at $68,477 per coin.
Microstrategy purchases 12,000 BTCs. Source. X
To finance this acquisition, Microstrategy primarily utilized an offering of unsecured convertible notes with a low 0.625% interest rate. The successful offering raised over $800 million and underscored the institutional interest in Microstrategy’s Bitcoin investment strategies.
This recent purchase follows Microstrategy’s purchase of 3,000 BTC in February and reflects the company’s consistent efforts to increase its BTC holdings since 2020. After the company doubled-down again this week, Microstrategy now holds a total of 205,000 BTC.
CEO Discusses Recent Double-Down on Bitcoin
Michael Saylor reaffirmed his optimism about BTC’s long-term prospects in an interview on CNBC. Saylor thinks that BTC’s ability to withstand market declines has reinforced the dedication of investors. Saylor’s steadfast faith in Bitcoin, amid historical market fluctuations, reflects the changing views of investors regarding the possibilities of cryptocurrency.
“We’re buying it to hold it 100 years…that $66K to $16K crash. That shook out the tourists. That shook out the non-believers,” he remarked.
Michael Saylor, Source: CNBC Television.
The company’s continued investment in BTC underscores growing institutional acceptance of the cryptocurrency. This mainstream adoption could potentially drive further demand for Bitcoin, leading to sustained price appreciation. Bitcoin’s increasing utility in decentralized finance applications, and its growing recognition as a potential hedge against inflation, further contributes to its long-term desirability. Saylor also noted in the CNBC interview that the currency is digital and global, and is not tied to any company, government or time zone, adding to the future uses and desirability of the coin.
Above all, the recent reports about Microstrategy’s moves to acquire more Bitcoin, and the company’s double-down this week, indicate a rosy outlook for the future of the cryptocurrency. Despite the market fluctuations, many investors with a long-term perspective are hopeful about Bitcoin’s capacity to revolutionize the industry in the upcoming years.
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