MicroStrategy, a leading business intelligence and software company, continued its steadfast commitment to Bitcoin by purchasing an additional 122 BTC in April at a total cost of $7.8 million, said founder and CEO Michael Saylor. Announce today.
BREAKING: MicroStrategy bought another 122 #Bitcoin For $7.8 million. pic.twitter.com/IZWUNj0kHY
– Bitcoin Magazine (@BitcoinMagazine) April 29, 2024
“As the world’s first Bitcoin development company, MicroStrategy is committed to the continued development of the Bitcoin network through our financial markets activities, advocacy, and technological innovation.” He said Phuong Lu, President and CEO of MicroStrategy. “Through our unique bitcoin strategy and strong track record as an operator, we now own 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 large initial investment of $250 million in Bitcoin. Since then, they have continually added to their Bitcoin holdings, creating a treasury reserve strategy that has amassed over 214,400 Bitcoin worth over $15.5 billion at the time of writing.
“In the first quarter, we raised more than $1.5 billion by once again executing our capital markets strategy, including two successful convertible debt offerings,” said Andrew Kang, MicroStrategy's CFO. “We have acquired an additional 25,250 Bitcoin since the end of the fourth quarter, which is the 14th consecutive quarter in which we have added more Bitcoin to our balance sheet. We believe that the combination of our operating structure, Bitcoin strategy, and focus on technological innovation provides a unique opportunity to create value for our shareholders. Year-to-date, the price of Bitcoin has risen significantly, driven in particular by the approval of Bitcoin spot exchange-traded products, which has increased institutional demand and led to greater regulatory clarity.
After Bitcoin experienced its fourth halving event less than two weeks ago, halving its mining reward from 6.25 to 3.125 BTC per block, MicroStrategy continues its aggressive BTC investment strategy with no signs of slowing down.