Michael Saylor’s MicroStrategy Bought the Dip, Adds 19,452 BTC to its Coffers for $1.026 Billion
The company now holds a total of 90,531 BTC, 0.485% of Bitcoin’s circulating supply. But it is not done with yet and may continue to “purchase additional bitcoin.”
Publicly-traded business intelligence company MicroStrategy has finally bought the Bitcoin that it was planning from $1.0 billion raised in 0% convertible senior notes.
CEO Michael Saylor announced today that they had bought approximately 19,452 bitcoins for approximately $1.026 billion in cash at an average price of approximately $52,765 per bitcoin, inclusive of fees and expenses.
“The Company remains focused on our two corporate strategies of growing our enterprise analytics software business and acquiring and holding bitcoin,” said Saylor, adding that these Bitcoin purchases just reaffirm that the leading digital currency “as the world’s most widely-adopted cryptocurrency, can serve as a dependable store of value.”
This week, the price of Bitcoin dumped nearly 23% to under $45,000 from Sunday’s all-time high of $58,300. While many panic sold their BTC during this crypto market-wide sell-off, MicroStrategy continues to gobble up more and more.
Now, the company holds a total of approximately 90,531 BTC, 0.485% of Bitcoin’s circulating supply.
However, the company is not done with buying Bitcoin; as Saylor says, “We will continue to pursue our strategy of acquiring bitcoin with excess cash.”
And much like it has been issuing debt, it may from time to time do that along with issuing equity securities to raise capital to “purchase additional bitcoin.”
Phong Le MicroStrategy CFO
“We believe our bitcoin strategy, including our bitcoin holdings and related activities in support of the bitcoin network, is complementary to our software business, by enhancing awareness of our brand and providing opportunities to secure new customers.”