In a remarkable display of confidence in the cryptocurrency market, MicroStrategy (MSTR), led by crypto billionaire Michael Saylor, has announced its acquisition of an additional 12,333 bitcoin (BTC) for a staggering $347 million in cash.
The purchase, made between April 29 and June 27, reinforces MicroStrategy’s status as one of the largest holders of Bitcoin globally, News About Nigeria reports.
MicroStrategy’s latest acquisition brings its total Bitcoin holdings to an impressive 152,333 coins, which, at current market prices, are valued at over $4.6 billion.
The company’s unwavering commitment to bitcoin investment has been a defining characteristic of its strategy, earning it a prominent position in the cryptocurrency industry.
To finance this substantial purchase, MicroStrategy also revealed that it sold approximately $333.7 million of its shares. The share sale was executed according to a previously disclosed agreement, demonstrating MicroStrategy’s prudent approach to managing its financial resources and leveraging opportunities in the cryptocurrency market.
The company’s enthusiasm for Bitcoin has yielded positive results in recent months. In May, MicroStrategy reported a smaller-than-expected write-down on its bitcoin holdings for the first quarter, highlighting the potential value and stability the cryptocurrency provides to the company’s overall portfolio.
Despite the bullish stance on bitcoin, MicroStrategy’s stock experienced a slight dip of 1% during pre-market trading, reflecting a broader decline in the cryptocurrency market. Bitcoin, currently valued at $30,288, also witnessed a minor decline of over 1%.
MicroStrategy’s unwavering commitment to Bitcoin has solidified its reputation as a trailblazer in the world of cryptocurrency.
With its significant holdings and persistent investment strategy, the company is setting a precedent for other institutions and investors who are considering embracing the potential of digital assets.
