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MicroStrategy’s Huge Bitcoin Purchase Announced by Michael Saylor: Details
Alex Dovbnja
Breaking News: MicroStrategy acquired Bitcoin for an additional $768 million
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Business intelligence firm MicroStrategy has harvest another 11,931 Bitcoins for a whopping $786 million, according to an announcement on Thursday. They were purchased at an average price of $65,883 per coin.
The company now holds a total of 226,331 Bitcoin, making it the largest company holding the flagship cryptocurrency by a wide margin.
The recent purchase was financed with the help of MicroStrategy’s recent debt sale. Today, the company announced that it has completed its $800 million convertible note offering.
The company’s average purchase price of Bitcoin has now increased to $36,798 after the most recent purchase.
Today, Bitcoin price managed to regain the $66,000 level and reached an intraday high of $66,436.
Despite its huge size, the recent purchase had little impact on the market as it was mostly discounted after the company ramped up debt sales last week.
MicroStrategy (MSTR) shares rose 2.56% in pre-market trading. They are up an impressive 114% year-over-year, significantly outperforming Bitcoin.
AS reported by U.Today, the company’s aggressive leveraged buy strategy, which involves selling debt to accumulate more Bitcoin, was recently criticized by gold bug Peter Schiff. The financial commentator went so far as to suggest that Saylor could single-handedly prop up the Bitcoin market.
About the author
Alex Dovbnja
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the burgeoning industry, from price analysis to Blockchain disruption. Alex has authored more than 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets; he can be contacted at alex.dovbnya@u.today.