MicroStrategy Scoops Up $1 Billion Worth of Bitcoin

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Wed, 02/24/2021 - 13:05
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Alex Dovbnya
MicroStrategy has completed its mammoth Bitcoin purchase
MicroStrategy Scoops Up $1 Billion Worth of Bitcoin
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MicroStrategy has added an additional 19,452 Bitcoins ($1.026 billion) to its balance sheet, according to its Feb. 24 press release.

CEO Michael Saylor says acquiring the cryptocurrency remains one of the company's two corporate strategies:

The Company remains focused on our two corporate strategies of growing our enterprise analytics software business and acquiring and holding bitcoin.

As reported by U.Today, MicroStrategy announced that it had raised $1.05 billion through the sale of zero percent convertible notes on Feb. 19.

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Saylor is not going to stop

MicroStrategy is expected to continue to pursue its Bitcoin strategy by buying more coins with its excess cash or its debt offerings.

The company now holds over 90,000 bitcoins, reaffirming our belief that bitcoin, as the world’s most widely-adopted cryptocurrency, can serve as a dependable store of value. We will continue to pursue our strategy of acquiring bitcoin with excess cash and we may from time to time, subject to market conditions, issue debt or equity securities in capital raising transactions with the objective of using the proceeds to purchase additional bitcoin.

Presently, the company holds 90,531 Bitcoins, which represents 0.485 percent of the cryptocurrency's total circulating supply.

The shares of MicroStrategy (NASDAQ: MSTR) are up over six percent in pre-market trading after plunging 21.09 percent on Feb. 24.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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