MicroStrategy Buys Additional 9,245 Bitcoin (BTC) Worth $623M

Joshua Ramos
Source – CoinGape

MicroStrategy has acquired an additional 9,245 Bitcoin worth $623 million to add to its impressive BTC holdings. Indeed, the business intelligence firm’s CEO Michael Saylor took to X (formerly Twitter) to announce the newly acquired digital assets. This latest purchase brings the company’s total holdings to 214,246 BTC.

Saylor states that this most recent acquisition was made “using proceeds from convertible notes & excess cash,” in the announcement. Moreover, the purchase was made at an average price of $67,382 per Bitcoin, bringing the worth of its BTC holdings to more than $7.5 billion.

Also Read: Michael Saylor’s MicroStrategy to Raise $500M To Purchase More Bitcoin

MicroStrategy Continues Acquiring Bitcoin; Total Now at 214,246 BTC

Source – Decrypt

Almost three months into the year, it has proven to be the year of Bitcoin. Following the US Securities and Exchange Commission (SEC) approval of 11 Spot Bitcoin ETFs, the market for BTC exploded. Just this month, the asset had surpassed the $73,000 mark, setting a new all-time high mark.

That increase in value has certainly been a positive for long-time holders of the digital asset. Subseuqnlety, for one of the highest-profile advocates, the acquisition of the cryptocurrency has continued into the price surge. Specifically, Michael Saylor’s MicroStrategy announced they have purchased another 9,245 Bitcoin worth $623 million.

Saylor has never been shy about his perspective of the asset and has shown that commitment through his business intelligence firm. The company has long embraced a BTC acquisition strategy, leading to its current holding of more than 214,000 Bitcoin. Throughout its acquisition plan, the price per BTC currently stands at $35,160.

Also Read: MicroStrategy CEO Calls Bitcoin ‘Superior’ to Other Asset Classes

Although the asset has certainly been performing well in 2024, this week has seen a steep price correction take place. The asset is down more than 7% over the last 24 hours, and trading at $63,151 according to CoinMarketCap. These losses extend to the last week, where eits down 11%.

However, the recent developments are unlikely to deter Saylor and MicroStrategy’s commitment to the asset. In previous interviews, the CEO has spoken highly of Bitcoin’s potential and his assurance in its continued progression. Moreover, he has ensured that the company’s acquisition strategy will not change anytime soon, as they raised more than $500 million for BTC acquisition plans.