MicroStrategy’s Bitcoin stash Hit Over $39 billion After Recent Purchase
Michael Saylor announced that MicroStrategy had made a sizable acquisition of Bitcoin shortly after proposing the cryptocurrency to Microsoft.
Saylor disclosed that MicroStrategy had paid $1.05 billion for 15,400 Bitcoin, with an average per-coin purchase price of $95,000 on December 2. MicroStrategy now owns about 402,100 BTC, worth over $39 billion. MicroStrategy has invested $234.4 billion in Bitcoin purchases averaging $58,263 per coin. Over $15 billion in unrealized gains were made by the company since it started collecting Bitcoin.
This ongoing accumulation approach demonstrates Michael Saylor’s steadfast faith in Bitcoin’s potential. Markets historically have been slow to react to MicroStrategy’s acquisitions but have done so favorably with a steep price increase, indicating a potential change in the market dynamics.
Bitcoin miner Marathon Digital and Tokyo-based Metaplanet are among those that the company’s approach has influenced. Both businesses have taken comparable strategies to fund Bitcoin purchases.
According to the company’s announcements, investors who own Metaplanet stock will even receive Bitcoin as a reward. The announcement of Marathon’s new proposed $700 million private convertible note offering with a $105 million extension option just before Saylor’s disclosure.
Marathon stated that the capital raise proceeds would primarily be used to purchase additional Bitcoin and start note buybacks. A strong supporter of Bitcoin, Saylor has persisted in encouraging its uptake. He reaffirmed his position as a leading proponent of corporate cryptocurrency investment last weekend when he presented Bitcoin to the Board of Directors of Microsoft.
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