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MicroStrategy has acquired an additional 11,931 BTC for ~$786.0M using proceeds from convertible notes & excess cash for ~$65,883 perThe said 11,931 Bitcoin were acquired between April 27 and June 19, according to a filing on Thursday with the U.S. Securities and Exchange Commission . Notably, this is MicroStrategy’s third largest acquisition of Bitcoin following its $821 million purchase of 12,000 tokens on March 11.
This substantial acquisition adds to MicroStrategy's already significant Bitcoin holdings. As of June 20, 2024, the company now holds a total of 226,331 BTC, acquired for over $8.33 billion at an average price of $36,798 per Bitcoin.MicroStrategy's decision to expand its Bitcoin stash coincides with a period of lackluster price movements for the crypto market. Bitcoin has slightly eased after an impressive rally that took it to all-time highs of above $73,000 in mid-March.
Saylor started buying Bitcoin in 2020 as an inflation hedge and cash alternative. The biggest cryptocurrency has increased by nearly 600% since Saylor began purchasing it. Furthermore, the decision to buy Bitcoin has boosted MicroStrategy's stock price, which has risen by more than 1,000% since Saylor's decision.Tomiwabold is a cryptocurrency analyst and an experienced technical analyst.
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