Key Takeaways
- MicroStrategy has acquired 11,931 more bitcoins for $786 million.
- The company now holds 226,331 bitcoins worth nearly $15 billion.
- MicroStrategy's shares have risen ten-fold since it started buying bitcoin.
Nasdaq-listed software firm MicroStrategy, led by Executive Chairman Michael Saylor, has acquired an additional 11,931 BTC for $786 million.
This brings the company’s total bitcoin holdings to 226,331 tokens, valued just under $15 billion at the current bitcoin price of roughly $66,000.
As of the end of April, MicroStrategy held 214,400 bitcoins.
$800 million offering
This latest purchase was financed through an $800 million convertible note offering, which was initially set at $500 million but increased due to high demand.
MicroStrategy has been actively accumulating bitcoin since 2020, aiming to establish BTC as a reserve asset for corporate treasuries. The company’s bitcoin were bought at an average price of $36,798 each, totaling approximately $8.33 billion in acquisition costs.
Influence
Michael Saylor’s strategy has influenced other companies to adopt bitcoin. Recently, U.S.-listed Semler Scientific has also added bitcoin as a significant treasury asset and is seeking to raise capital to increase its holdings, mirroring MicroStrategy’s approach.
MicroStrategy’s shares have surged ten-fold since it began purchasing bitcoin four years ago. Semler’s shares have also risen by over 60% since it started buying bitcoin in late May. Additionally, brokerage firm Bernstein has initiated coverage of MicroStrategy, setting a $2,890 price target for its shares, which are currently trading at $1,507.
