MicroStrategy, a leading software and business intelligence company, continued its steadfast commitment to Bitcoin by purchasing an additional 122 BTC in April at a total cost of $7.8 million, founder and chairman. Michael Saylor announcement 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 leading Bitcoin development company, MicroStrategy is committed to continuing the development of the Bitcoin network through our activities in financial markets, advocacy, and technological innovation.” said Phong Le, President and CEO of MicroStrategy. “It is thanks to our unique Bitcoin strategy and strong track record as a mining 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 in BTC. Since then, they have steadily increased their Bitcoin holdings, creating a cash reserve strategy that has raised over 214,400 bitcoins worth over $15.5 billion at the time of writing. .
“In the first quarter, we raised more than $1.5 billion by re-executing our capital markets strategy, including two successful convertible debt offerings,” said Andrew Kang, Chief Financial Officer of MicroStrategy. “We have acquired an additional 25,250 bitcoins since the end of the fourth quarter, our 14th consecutive quarter of adding additional bitcoins to our balance sheet. We believe the combination of our operating structure, Bitcoin strategy and focus on technological innovation provides a unique opportunity to create value for our shareholders. Since the start of the year, the price of bitcoin has appreciated significantly, driven in part by the approval of spot exchange-traded products, which has increased institutional demand and resulted in greater 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 .