MicroStrategy Inc. Buys Additional 18,300 Bitcoin Worth $1.11 Billion at $60,408 per Bitcoin
MicroStrategy Inc., the American business intelligence and software firm, has made a significant investment in Bitcoin by purchasing an additional 18,300 BTC for approximately $1.11 billion at a price of around $60,408 per Bitcoin. This move solidifies MicroStrategy's position as one of the biggest corporate holders of Bitcoin, with a total of 244,800 BTC acquired for about $9.45 billion.
Over the past four years, MicroStrategy has been consistently increasing its Bitcoin holdings, starting in August 2020 amidst economic uncertainty caused by the COVID-19 pandemic. Despite facing criticism and market fluctuations, the firm has remained steadfast in its belief in Bitcoin as a valuable asset.
By leveraging opportunities like issuing Convertible Senior Notes to fund more Bitcoin purchases, MicroStrategy has seen significant returns on its investments. As of the latest update, the company has achieved a BTC yield of 4.4% QTD and 17.0% YTD, making its share price one of the best performers on Wall Street.
MicroStrategy's advocacy for Bitcoin has also influenced other investors to enter the market, with firms like Metaplanet in Japan following a similar accumulation strategy. With Bitcoin currently trading about 20% below its all-time high, these HODLers are optimistic about the potential for substantial returns in the near future.
In conclusion, MicroStrategy's bold move to invest heavily in Bitcoin showcases the growing acceptance of cryptocurrency in traditional finance. For investors, this demonstrates the potential for significant returns and diversification of portfolios by including digital assets like Bitcoin. As the market continues to evolve, staying informed and considering opportunities in cryptocurrencies could be beneficial for long-term financial growth.