MicroStrategy makes major Bitcoin bet with $1B purchase
MicroStrategy, the cloud software giant, has made headlines with a monumental Bitcoin acquisition, purchasing 18,300 BTC for approximately $1.11 billion between August 6 and September 12, 2024.
This move, announced in a recent SEC filing, sets the average price of the acquired Bitcoin at $60,408, including all associated costs.
Under the leadership of CEO Michael Saylor, MicroStrategy has been a major player in the Bitcoin investment space, steadily increasing its holdings since its first purchase in August 2020. This latest acquisition brings its total Bitcoin reserves to 244,800 BTC, with an overall investment of around $9.45 billion, averaging $38,585 per Bitcoin.
The company has also reported impressive returns, with a Bitcoin yield of 4.4% for the current quarter and a notable 17.0% year-to-date. This aggressive strategy highlights MicroStrategy’s ongoing commitment to Bitcoin as a key component of its financial strategy, reflecting its confidence in the long-term value of the cryptocurrency.
