MicroStrategy Acquired Over $1 B Worth of BTC

by in Cryptocurrency News

MicroStrategy $1 Billion Bitcoin

Enterprise analytics firm MicroStrategy informed on February 24 that it expanded its bitcoin funds by $1 billion. The news came on February 19, when the second trade of convertible debt was closed.

Related: Square Invests $170 M in BTC

MicroStrategy bought the 19.452 Bitcoins paying an average cost of $52,765 for each. Thus, the company's accumulative holding in Bitcoin reached 90,531 worth of around $4.5 B. The first time MicroStrategy traded BTC was in August 2020, paying in cash on its balance sheet. Afterwards, it has finalized two convertible bond offerings to boost funds for more trades.

The co-founder and head of the organization, Michael Saylor is a huge Bitcoin supporter. Recently he expressed his opinion that the cryptocurrency's market value will reach $100 T in the future, growing 100 times.

A day before MicroStrategy's purchase, financial services provider Square announced investing $170 M in Bitcoin. At the moment the crypto asset trades at around $50.400 with a market cap of $941 Billion.