Michael Saylor's MicroStrategy Acquires 11.9K More Bitcoin for $786M
MicroStrategy, the largest corporate holder of bitcoin, has purchased an additional 11,931 BTC for $786 million. This acquisition increases the company's total holdings to 226,331 tokens, valued at nearly $15 billion. The company's bitcoins were bought at an average price of $36,798 each, totaling around $8.33 billion. This purchase follows MicroStrategy's $800 million convertible note offering to institutional investors. The company began accumulating bitcoin in 2020 and has been advocating for its adoption as a reserve asset for corporate treasuries. MicroStrategy's shares have increased approximately ten-fold since it started buying bitcoin four years ago. Recently, brokerage firm Bernstein initiated coverage of MicroStrategy, setting a $2,890 price target for the company's shares.
