MicroStrategy Buys 12,000 Additional BTC – CryptoMode
source link: https://cryptomode.com/news/microstrategy-buys-12000-additional-btc/
Go to the source link to view the article. You can view the picture content, updated content and better typesetting reading experience. If the link is broken, please click the button below to view the snapshot at that time.
Microstrategy, a leading business intelligence firm, has again topped its Bitcoin investment after acquiring an additional 12000 BTC on Monday.
The company’s total investment is now worth $14.79 billion, a 112.58% all-time surge in value.
MicroStrategy Bags $800 From Convertible Notes Offering
The firm’s latest big purchase comes a week after it disclosed plans to expand its Bitcoin treasury through a fundraising scheme that involved the sale of convertible senior notes at an annual interest rate of 0.625%, due 2030.
The private funding round, in which the company had expected to raise an estimated value of $600 million, saw Microstrategy raise an aggregate principal amount of $800 million after its successful conclusion on March 8.
Per its initial plan, proceeds from the event were channeled into Microstrategy’s Bitcoin investment. Hence, the Bitcoin whale has now purchased 12,000 additional Bitcoins at a trading price of $68,477 per BTC, worth $821.7M. This brings MicroStrategy’s total holdings to 205,000 BTC.
Bitcoin is Superior to Other Investments, Michael Saylor Asserts
Microstrategy’s relentless efforts to consistently double down on the world’s largest cryptocurrency reflect the founder’s unwavering bullish stance on the cryptocurrency.
In a recent interview with CNBC, Michael Saylor, the founder and former CEO of MicroStrategy, expressed beliefs that Bitcoin has more potential and is superior to other investment tools like Gold, Real Estate, and others, considering its digital nature.
#Bitcoin is Digital Property. It is superior to other investments such as Gold, Equity, or Real Estate because it is digital, available, global, ethical, & useful to millions of companies and billions of people. pic.twitter.com/738dblB0Zt
— Michael Saylor
(@saylor) March 11, 2024
According to him, Bitcoin has the potential to eclipse gold because it has all the benefits posed by gold and does not have any of its defects. This Bitcoin bull further predicted that Bitcoin’s recent price surge is far from over, following the potential impact of the upcoming halving event on its demand and supply chain.
Disclaimer
This article is provided for information only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Recommend
About Joyk
Aggregate valuable and interesting links.
Joyk means Joy of geeK