MicroStrategy continues to demonstrate its unwavering commitment to Bitcoin, making yet another major purchase of the digital currency. Founder Michael Saylor confirmed that the company acquired 11,931 BTC for a whopping $786 million in cash. This acquisition was made using funds from convertible notes. The company disclosed in a regulatory filing that the purchase took place between April 27 and June 19, with an average price of around $65,883 per BTC. As a result of this latest purchase, MicroStrategy and its subsidiaries now hold a total of 226,331 BTC, which is valued at approximately $15 billion.
Interestingly, this purchase comes shortly after MicroStrategy announced an offering of convertible senior notes worth $800 million. The company intends to use the funds from this offering to acquire more Bitcoin. Despite this substantial purchase, MicroStrategy finds itself just behind BlackRock in terms of Bitcoin holdings. BlackRock currently holds over 305,000 BTC in its spot Bitcoin exchange-traded fund.
News of MicroStrategy’s latest Bitcoin acquisition has had a positive impact on the company’s share price. In pre-market trading, the share price of MicroStrategy (MSTR) increased by 2.3% and reached $1,503, according to Nasdaq data. Meanwhile, Bitcoin’s price as of press time is approximately $65,944, according to CoinMarketCap.
In addition to its Bitcoin purchases, MicroStrategy has also announced its plans to build a decentralized identity platform based on the digital currency. This further demonstrates the company’s dedication to the world of cryptocurrencies and blockchain technology.