Buy the Dip: MicroStrategy Purchases 9,245 BTC for Over $620 Million
Bitcoin’s price might be down in the past few days but some investors remain unfazed by the decline. In fact, MicroStrategy used the opportunity to scoop additional 9,245 BTC for approximately $623 million.
The purchase was announced by Michael Saylor – Executive Chairman of the business intelligence company. He clarified that the transaction was facilitated via proceeds from convertible notes and excess cash.
MicroStrategy has acquired an additional 9,245 BTC for ~$623.0M using proceeds from convertible notes excess cash for ~$67,382 per #bitcoin . As of 3/18/24, $MSTR hodls 214,246 $BTC acquired for ~$7.53B at average price of $35,160 per bitcoin. https://t.co/oeYJGgiuy0
— Michael Saylor⚡️ (@saylor) March 19, 2024
MicroStrategy recently completed convertible note sales worth over $1 billion, with proceeds directed at buying more of the primary cryptocurrency.
Earlier this month, the firm used the initiative to purchase 12,000 BTC for a whopping $800 million. The company’s entire stash of 214,246 BTC equals more than $13.5 billion (calculated at current rates).
It was acquired for approximately $7.5 billion at an average price of $35,160 per Bitcoin, meaning MicroStrategy is currently sitting on a $6 billion profit (at least on paper).
