MicroStrategy, the largest corporate holder of Bitcoin, purchased 12000 Bitcoins for $8217 million, marking the second largest transaction since the company began buying Bitcoin nearly four years ago. The new round of buying has increased MicroStrategy's total Bitcoin holdings to approximately 205000, valued at over $14 billion.
According to the documents submitted by MicroStrategy to the United States Securities and Exchange Commission (SEC), these tokens were purchased between February 26th and March 10th. The funds purchased come from the $800 million convertible note issuance completed on March 8th.
Under the leadership of Chairman and co-founder Michael Saylor, MicroStrategy has been purchasing Bitcoin since 2020 as a hedge against inflation and a substitute for cash. In the first three months of 2024, MicroStrategy has spent over $1 billion on Bitcoin, more than half of last year's total purchases. Since Saylor began buying, Bitcoin has risen by approximately 675%.
Since switching to Bitcoin, MicroStrategy's stock price has surged by over 1000%. The market value of the company has increased to around $25.7 billion, exceeding the highest level set in March 2000. In December 2000, MicroStrategy reached a settlement with the SEC over allegations of accounting fraud.
The file shows that the average price for MicroStrategy's most recent purchase of Bitcoin was $68477, while the average price for holding Bitcoin was $33706.
On Monday, Bitcoin broke through $72000 for the first time, rising for the sixth consecutive day. Supported by a large influx of funds into the US Bitcoin ETF, Bitcoin's growth this year is close to 70%.
As of press release, MicroStrategy rose 5.11% to $1560.00 after trading.