MicroStrategy buys $347M worth of Bitcoin amid market thaw

MicroStrategy Acquires 12,333 Bitcoin for $347 Million

On June 28th, MicroStrategy, a software analytics company, declared the acquisition of 12,333 Bitcoin (BTC) for a total of $347 million. This raised the company’s total Bitcoin holdings to 152,333 ($4.52 billion) with an average price of $29,668 per Bitcoin.

The average total purchase price is nearly equivalent to the $28,136 per unit purchase price revealed in today’s statements. The coins were acquired between April 27th and June 27th. The purchase was partially funded through the issuance of new stock, as the company stated.

As of June 28, MicroStrategy has completed the sale of 1,079,170 shares, gaining $337 million in net proceeds. Previously, on April 5, the company was reported to have added 1,045 BTC (valued at $29.3 million) to its balance sheet. The CEO, Michael Saylor, has been vocal in his support of Bitcoin, and is leading the way for corporations to add the most popular cryptocurrency to their assets.

MicroStrategy Profits in First Quarter of 2023

In spite of the crypto bear market, MicroStrategy has been buying Bitcoin with both cash and stock financing, regardless of its cost. In the first quarter of 2023, the company declared its first profitable quarter since 2020, thanks to a one-off income tax advantage.

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