Bitcoin whale MicroStrategy made another massive purchase, spending $5.4 billion. The company already owns 1.8% of the total Bitcoin supply of 21 million.
MicroStrategy made a massive purchase of Bitcoin for US$5.4 billion. The company is on its way to increasing its share of BTC from 1.8% of current total supply to 4% in the next decade. At this moment it has a total of 386,700 BTC.
In a statement this Monday, the company revealed its most recent investment, with which it added 55,500 BTC to its balance sheet, raising its treasury to a total of 386,700 BTC. Bitcoins were purchased at an average price of $97,862 per coin between November 18 and 24.
The purchases were made with cash proceeds from the previously announced offering of convertible notes and the issuance and sale of shares.
In its report this Monday, the company detailed that it achieved a return on its bitcoins of 35.2% in the quarter and 59.3% so far this year. Overall, its 386,700 BTC were purchased for $21.9 billion, or an average price of $56,761, according to the report.
MicroStrategy bets on Bitcoin
Its co-founder and executive president, Michael Taylorwho defended it as “digital gold” and a store of value superior to any other form of traditional asset.
Saylor repeatedly said that Your goal is to accumulate as many Bitcoins as possibleseeing this cryptocurrency as a hedge against inflation and an asset capable of delivering exceptional long-term returns.
According to the latest report, MicroStrategy has available US$12.8 billion in shares for future issues, within a larger plan of $21 billion in shares and fixed income securities. This approach aims at a Total capital raising of $42 billion in the next three years, aimed mainly at new bitcoin acquisitions.
Co-founder Michael Saylor has been clear that the company will continue to use a significant portion of its financial resources to increase its Bitcoin holdings, regardless of market volatility.
Source: Ambito
