Join our Telegram channel to stay up to date on breaking news coverage
MicroStrategy (MSTR) bought another 11,931 bitcoin (btc) for $786 million, bringing its total investment in the king of cryptocurrencies to $14.6 billion.
Under the leadership of its pro-bitcoin CEO Michael Saylor, the Nasdaq-listed software company now owns 226,331 Bitcoins, said ion June 20 Press release. He is the largest corporate investor in bitcoin.
<img decoding="async" alt="MicroStrategy will buy more bitcoin and plans to raise $500 million” src=”https://technicalterrence.com/wp-content/uploads/2024/06/MicroStrategy-Buys-Another-786-Million-in-Bitcoin-Bringing-Total-Holdings.jpg”/><img decoding="async" src="https://technicalterrence.com/wp-content/uploads/2024/06/MicroStrategy-Buys-Another-786-Million-in-Bitcoin-Bringing-Total-Holdings.jpg" alt="MicroStrategy will buy more bitcoin and plans to raise $500 million”/>
MicroStrategy advocates for btc adoption in corporate treasuries
MicroStrategy Bitcoins were purchased at an average price of $36,798 each using approximately $8.33 billion. The most recent btc acquisition follows an $800 million convertible note offering to institutional investors.
The deal was initially planned for $500 million, but it increased the amount to $700 million before closing it at $800 million.
<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”12.492113564669″>
MicroStrategy has acquired an additional 11,931 btc for ~$786.0 million using proceeds from convertible notes and excess cash of ~$65,883 per twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin. As of 06/20/24, twitter.com/search?q=%24MSTR&src=ctag&ref_src=twsrc%5Etfw”>$MSTR holds 226,331 twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw”>$btc acquired for ~$8.33 billion at an average price of $36,798 per bitcoin.https://t.co/jE9dGqqnON
—Michael Saylor (@saylor) twitter.com/saylor/status/1803763490928119950?ref_src=twsrc%5Etfw”>June 20, 2024
MicroStrategy's aggressive accumulation of bitcoin began in 2020. Since then, the company, under the influence of Saylor, has been advocating for corporate treasuries to adopt btc as a reserve asset.
Since then, other companies have begun to follow MicroStrategy's lead. The most notable is Semler Scientific, which added btc as a treasury asset and is attempting to use the capital markets to acquire more Bitcoins.
TD Cowens raises MSTR target
The price of MSTR has increased approximately tenfold since MicroStrategy's btc purchases began 4 years ago. Semler's share price also began to rise after the company revealed its first btc purchases in May this year.
If MSTR's bullish phase continues, brokerage firm Bernstein believes it could rise to $2,890, from the current $1,465.
Meanwhile, TD Cowens analysts He said MicroStrategy's share price may rise “significantly further” by the end of this year. This prediction comes amid increased institutional adoption of bitcoin ETFs (exchange-traded funds).
13-F Filings Earlier this year it showed that investment banking giants including Morgan Stanley, UBS and JPMorgan are among 600 firms that have invested $3.5 billion in spot bitcoin ETFs.
Alternative investment firm Millennium Management, with over $64 billion in assets under management, emerged as the largest investor in btc ETFs with $1.9 billion.
Related Posts:
PlayDoge (PLAY) – the newest ICO on the BNB chain
- 2D Virtual Doge Pet
- Play to win Meme Coin Fusion
- In-Stake and Staking Token Rewards
- SolidProof audited – playdoge.io
Join our Telegram channel to stay up to date on breaking news coverage
<script async src="//platform.twitter.com/widgets.js” charset=”utf-8″>