Further raising their Bitcoin reserves, the publicly traded MicroStrategy firm has now purchased an additional 19,452 Bitcoins worth around $1,026 billion. Company CEO Michael Saylor broke the news on Twitter and said that MicroStrategy had bought the asset for $52,765 per bitcoin.
As of 24 February, the firm owns approximately 90,531 bitcoins to date, making it the largest institutional investor in the asset. According to BitcoinTreasuries, Tesla, Galaxy Digital and Square rank second, third and fourth in the list of corporate purchasers of the asset.
In a quote, CEO Michael Saylor said:
“The company remains focused on our two corporate strategies of growing our enterprise analytics software business and acquiring and holding bitcoin. “
He also added that Bitcoin could serve as a “reliable store of value” and revealed that the company would continue to acquire more Bitcoin.
On 19 February, MicroStrategy announced the completion of a $1.05 billion debt offering, allowing the firm to reinvest in Bitcoin at the time. This occurred after the company decided to offer $600 million of convertible senior notes to institutional purchasers, which would allow the firm to use the nett proceeds from the sale of the notes to purchase additional bitcoins as intended.
It will be interesting to see if the investment of the firm could lead to fresh price action on the Bitcoin market. Especially since, at press time, BTC traded at $49,856.84 and was down 3.5 percent in the last hour.
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