Key Points
- MicroStrategy has added $821.7 million worth of Bitcoin to its portfolio.
- Bitcoin’s market cap has surpassed $1.4 trillion, making it the eighth most valuable asset.
MicroStrategy, a Virginia-based enterprise software firm, has added an additional $821.7 million worth of Bitcoin (BTC) to its digital assets. This move was made following a convertible notes offering, as the firm continues to accumulate more of the leading cryptocurrency.
The company acquired 12,000 BTC from its debt security sale proceeds and excess cash. The purchase was made at an average price of $68,477 per BTC, in line with the firm’s founder, Michael Saylor’s commitment to continually invest in Bitcoin.
MicroStrategy’s Bitcoin Investments
MicroStrategy has now invested nearly $7 billion in Bitcoin and holds approximately 205,000 BTC, valued at over $14.8 billion. This value is based on Bitcoin’s all-time high trading price on March 11. The company has temporarily surpassed BlackRock, a spot BTC ETF issuer, becoming one of the largest corporate Bitcoin holders.
According to CoinMarketCap, Bitcoin’s value increased by more than 4% in 24 hours, and it was traded for more than $72,000 for the first time in its 15-year history. This increase has pushed Bitcoin’s market cap to over $1.4 trillion, marking a significant milestone for the leading cryptocurrency.
Saylor’s Views on Bitcoin
In a conversation with CNBC, Saylor expressed his views on Bitcoin’s value proposition and MicroStrategy’s latest acquisition. He believes that Bitcoin, as a digital property, outperforms other investment options like gold, equity, or real estate due to its digital nature and global accessibility.
Saylor has stated that MicroStrategy plans to hold Bitcoin for over 100 years and will continue to buy the cryptocurrency using cash, debt, and other financial instruments that the company can access.
