In a significant move that highlights its ongoing commitment to Bitcoin, MicroStrategy has announced a massive acquisition of the cryptocurrency. Between August 6th and September 12th, the company purchased 18,300 BTC worth approximately $1.11 billion at an average price of $60,408 per Bitcoin. This latest acquisition further strengthens MicroStrategy’s position as one of the largest institutional holders of Bitcoin.
Details of the Purchase
The company’s founder, Michael Saylor, disclosed in his statement that this most recent acquisition added 9,245 BTC to their reserves, representing a further investment of $623 million. This significant purchase, according to Saylor, is part of the company’s broader strategy to maximize its Bitcoin holdings amid market fluctuations.
Saylor explained that the company has achieved a 4.4% QTD (Quarter-to-Date) return and a 17% YTD (Year-to-Date) return on its Bitcoin investments. These figures demonstrate the profitability of MicroStrategy’s bold move into the cryptocurrency space.
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MicroStrategy’s Total Holdings
As of September 12, 2024, MicroStrategy now holds a total of 244,800 BTC, valued at approximately $9.45 billion. The average cost per Bitcoin for the company stands at $38,585. This long-term accumulation strategy underscores MicroStrategy’s belief in the long-term potential of Bitcoin.
The company’s bold moves into the crypto world have made waves, positioning it as a leader in corporate cryptocurrency investments. As MicroStrategy continues to accumulate more Bitcoin, it solidifies its position in the market, especially as other corporations eye similar strategies.
For more updates on institutional Bitcoin purchases and the latest cryptocurrency news, stay tuned to The Bit Journal.
MicroStrategy has acquired 18,300 BTC for ~$1.11 billion at ~$60,408 per #bitcoin and has achieved BTC Yield of 4.4% QTD and 17.0% YTD. As of 9/12/2024, we hodl 244,800 $BTC acquired for ~$9.45 billion at ~$38,585 per bitcoin. $MSTR https://t.co/WBBRSKxA1U
— Michael Saylor⚡️ (@saylor) September 13, 2024
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