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MicroStrategy's Enormous Bitcoin Purchase Announced by Michael Saylor: Details

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Thu, 20/06/2024 - 12:18
MicroStrategy's Enormous Bitcoin Purchase Announced by Michael Saylor: Details
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Business intelligence firm MicroStrategy has scooped up an additional 11,931 Bitcoins for a whopping $786 million, according to a Thursday announcement. They were acquired at an average price of $65,883 per coin.

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The company now holds a total of 226,331 Bitcoins, which makes it the largest corporate holder of the flagship cryptocurrency by a large margin. 

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The recent purchase was financed with the help of MicroStrategy's recent debt sale. Earlier today, the firm announced that it had completed its $800 million convertible note offering. 

The firm's average Bitcoin purchase price has now increased to $36,798 after the most recent purchase.   

Earlier today, the Bitcoin price managed to reclaim the $66,000 level and reached an intraday high of $66,436.

Despite its massive size, the recent purchase had little impact on the market since it was mostly priced in after the firm upsized its debt sale last week. 

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The shares of MicroStrategy (MSTR) are up 2.56% in pre-market trading. They are up an impressive 114% on the year-to-date basis, significantly outperforming Bitcoin.

As reported by U.Today, the company's aggressive leverage buying strategy, which involves selling debt to accumulate more Bitcoins, was recently criticized by gold bug Peter Schiff. The financial commentator went as far as to suggest that Saylor might be single-handedly propping up the Bitcoin market.

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