Microstrategy, Inc. Acquires 18,300 Bitcoins Worth $1.11 Billion in Cash
Microstrategy, Inc. (NASDAQ:) recently made a major move in the cryptocurrency market by acquiring approximately 18,300 bitcoins between August 6, 2024 and September 12, 2024. The total purchase amounted to around $1.11 billion in cash, with an average price of $60,408 per bitcoin including fees and expenses. These bitcoins were purchased using funds from the issuance and sale of Shares under the Sales Agreement.
As of September 12, 2024, Microstrategy, along with its subsidiaries, now holds a total of about 244,800 bitcoins. These bitcoins were acquired at an aggregate purchase price of approximately $9.45 billion, with an average purchase price of $38,585 per bitcoin inclusive of fees and expenses.
Analysis:
Microstrategy’s significant investment in bitcoins showcases their confidence in the cryptocurrency market. This move not only diversifies their investment portfolio but also positions them to potentially benefit from the growing value of bitcoins in the future. For individual investors, this news highlights the increasing acceptance and adoption of cryptocurrencies by major companies, which could influence their own investment decisions in this space.