Business intelligence and software firm MicroStrategy Incorporated has bought 7,420 Bitcoin worth approximately $458 million
In another record-breaking move, MicroStrategy increased its Bitcoin bag with a fresh purchase of 7420 BTC. The company’s Co-Founder and Chairman, Michael Saylor, spotlighted the new purchase on X. The sales are worth approximately $458.2 million.
MicroStrategy and Debt-Funded Bitcoin
According to Saylor’s update, each of the 7,420 BTC was acquired at an average price of $61,750 per coin. The firm has achieved a BTC yield of 5.1% Quarter-to-Date (QTD) and 17.8% Year-to-Date (YTD).
MicroStrategy has acquired 7,420 BTC for ~$458.2 million at ~$61,750 per #bitcoin and has achieved BTC Yield of 5.1% QTD and 17.8% YTD. As of 9/19/2024, we hodl 252,220 $BTC acquired for ~$9.9 billion at ~$39,266 per bitcoin. $MSTR https://t.co/JUtgztpzBu
— Michael Saylor⚡️ (@saylor) September 20, 2024
This acquisition was funded by the Convertible Notes offering the firm announced last week. From an initial $700 million, the firm completed the issuance today at $1.01 billion, one of the biggest to date. Since 2020 to date, a significant percentage of the BTC acquisition from MicroStrategy came from debt funding.
As of writing, the company now have a total of 252,220 Bitcoin, acquired for approximately $9.9 billion. Overall, each of these coins were purchased for roughly $39,226 per BTC. With the purchase, MicroStrategy has reiterated its intense support for the nascent asset class which has just started gaining traction on Wall Street.
Beyond Debt, Bitcoin Buying
MicroStrategy has a grander plan beyond the issuance of debt notes and buying BTC. In actually building up its position as a BTC supporter, Michael Saylor aims to pilot the company toward developing new solutions to leverage Bitcoin. Known primarily as a software and intelligence outfit, the company now looks toward developing Decentralized Identity (DiD) sustem on the Bitcoin Netwok.
MicroStrategy is undoubtedly setting an example that might inspire those in the Web3 and Web2 ecosystem and beyond. Already, firms like Metaplanet have also started buying BTC, even with debt financing. As projected, it might only be a matter of time before hardware producers join the fray.
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