MicroStrategy Buys Additional $1.11 Billion Worth of Bitcoin

MicroStrategy announced it had purchased 18,300 Bitcoin for $1.11 billion, boosting its total holdings to 244,800 BTC acquired for $9.45 billion.

BREAKING: MicroStrategy buys an additional 18,300 #Bitcoin for $1.11 billion. pic.twitter.com/qhMg5EOqUF

— Bitcoin Magazine (@BitcoinMagazine) September 13, 2024

The business intelligence firm, led by Bitcoin bull Michael Saylor, has been steadily accumulating Bitcoin as part of its corporate strategy since 2020. MicroStrategy’s latest billion-dollar purchase was conducted at an average price of $60,408 per Bitcoin.

According to Saylor, the company has achieved a 17% Bitcoin yield year-to-date, capitalizing on BTC’s appreciation as it continues borrowing fiat at low interest rates to expand its holdings.

At current prices, MicroStrategy’s Bitcoin trove is worth over $15 billion, greatly benefiting shareholders. The company’s stock price has surged in tandem with its Bitcoin accumulation.

Despite rough market conditions in 2024, MicroStrategy continues compounding its Bitcoin position for the long term. The firm treats Bitcoin as a superior treasury asset compared to cash that is subject to inflationary debasement.

MicroStrategy is executing the biggest speculative attack on fiat currency in history by acquiring the hardest money for its treasury. Other public companies are following MicroStrategy’s lead by adopting Bitcoin treasury policies and acquiring Bitcoin exposure on their balance sheets. However, MicroStrategy remains the largest corporate holder of Bitcoin in the world.

By harnessing underutilized capital to capture Bitcoin’s upside, MicroStrategy has moulded itself into an emerging Bitcoin development company that is powering the worldwide adoption of Bitcoin.

Credit: Source link