MicroStrategy, a leading software and business intelligence company, has continued its strong commitment to bitcoin by purchasing an additional 122 btc in April at a total cost of $7.8 million, founder and president Michael Saylor. x.com/saylor/status/1785037831175630938″>Announced today.
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BREAKING: MicroStrategy bought 122 more twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin for 7.8 million dollars. pic.twitter.com/IZWUNj0kHY
– bitcoin Magazine (@BitcoinMagazine) twitter.com/BitcoinMagazine/status/1785038277960958209?ref_src=twsrc%5Etfw”>April 29, 2024
“As the world's first bitcoin development company, MicroStrategy is committed to the continued development of the bitcoin network through our activities in financial markets, promotion and technological innovation.” saying Phong Le, President and CEO of MicroStrategy. “It is through our unique bitcoin strategy and strong track record as an operating company that we now hold 214,400 bitcoins at an average purchase price of $35,180 per bitcoin.”
The company initially entered the bitcoin market in August 2020, making a significant initial investment of $250 million in btc. Since then, they have steadily increased their bitcoin holdings, creating a treasury reserve strategy that has netted over 214,400 bitcoins worth over $15.5 billion at the time of writing.
“In the first quarter we raised over $1.5 billion by re-executing our capital markets strategy, including two successful convertible debt offerings,” said MicroStrategy CFO Andrew Kang. “We acquired an additional 25,250 bitcoins since the end of the fourth quarter, our 14th consecutive quarter adding more bitcoins to our balance sheet. We believe that the combination of our operating structure, bitcoin strategy and focus on technological innovation provides a unique value creation opportunity for our shareholders. “So far this year, the price of bitcoin has appreciated significantly, driven in particular by the approval of spot bitcoin exchange-traded products, which has increased institutional demand and resulted in greater regulatory clarity.”
After bitcoin experienced its fourth halving event less than two weeks ago, halving the mining reward from 6.25 to 3.125 btc per block, MicroStrategy continues its aggressive btc investment strategy with no signs of slowing down.
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