MicroStrategy, a leading business intelligence and software company, has continued its steadfast commitment to Bitcoin by purchasing an additional 122 BTC in April at a total cost of $7.8 million, Founder & Chairman Michael Saylor announced today.
BREAKING: MicroStrategy bought 122 more #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 activities in the financial markets, advocacy and technology innovation,” said Phong Le, President and Chief Executive Officer at MicroStrategy. “It is through our unique bitcoin strategy and solid track record as an operating company that we now hold 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 significant initial investment of $250 million into BTC. Since then, they have consistently added to their Bitcoin holdings, creating a treasury reserve strategy that has garnered over 214,400 bitcoin worth more than $15.5 billion at the time of writing.
“In the first quarter we raised over $1.5 billion by executing again on our capital markets strategy including two successful convertible debt offerings,” stated MicroStrategy Chief Financial Officer, Andrew Kang. “We acquired 25,250 additional bitcoins since the end of the fourth quarter, our 14th consecutive quarter of adding more bitcoin to our balance sheet. We believe that the combination of our operating structure, bitcoin strategy, and focus on technology innovation provides a unique opportunity for value creation for our shareholders. Year to date, the price of bitcoin appreciated significantly, spurred notably by the approval of the spot bitcoin exchange traded products which has increased institutional demand and resulted in further regulatory clarity.”
After Bitcoin experienced its fourth halving event less than two weeks ago, halving the mining reward from 6.25 to 3.125 BTC per block, MicroStrategy continues its aggressive BTC investment strategy with no signs of slowing down.