MicroStrategy Buys The Bitcoin Dip, Now Has Over $1 Billion In BTC
Virginia-based business intelligence firm MicroStrategy has officially joined the bitcoin billionaire club after buying another $650 million worth of bitcoin. The firm’s total bitcoin holdings now amount to over 70,000 bitcoins — worth approximately $1.125 billion.
MicroStrategy Is Now A BTC Billionaire
Today (December 21), MicroStrategy revealed that it had completed the purchase of 29,646 bitcoin at an average price of 21,925 per coin, totaling a staggering $650 million. According to the firm’s CEO Michael Saylor, MicroStrategy now holds 70,470 bitcoins bought for a total price of $1.125 billion after paying an average price of $15,964 per bitcoin.
Earlier this month, MicroStrategy announced that it would be selling up to $400 million in convertible senior notes and using the proceeds to purchase more bitcoin. Two days later, the company indicated that it expected to raise at least $550 million from the debt offering.
MicroStrategy announced on December 11 that it had managed to successfully raise $650 million which it has now converted into bitcoin. Interestingly, the recent purchase has coincided with a bitcoin price drop to around $22,200, but it’s not clear whether MicroStrategy actually intended to buy the dip.
MicroStrategy dipped its investment toes into bitcoin for the first time in August this year after buying 21,000 BTC for $250 million. The company splurged an additional $175 million in September as it adopted the cryptocurrency as its primary treasury reserve asset.
The latest $625 million indicates that MicroStrategy is convinced that BTC still has more gas left in its tank despite recently surging to new lifetime highs above $24,000.