Bitcoin
MicroStrategy buys another $786 million in Bitcoin with note proceeds
(Bloomberg) — MicroStrategy Inc. purchased approximately $786 million in Bitcoin with proceeds raised from the sale of convertible notes.
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The company acquired 11,931 Bitcoins between April 27 and June 19, according to a filing Thursday with the U.S. Securities and Exchange Commission. This is MicroStrategy’s third largest Bitcoin acquisition after purchasing 12,000 tokens for $821 million on March 11.
The company has repeatedly turned to the debt market to snap up more cryptocurrencies this year, spending more than $2.4 billion on Bitcoin in 2024 alone.
The purchases increased MicroStrategy’s overall holdings to 226,331 Bitcoin, valued at about $14.9 billion. However, MicroStrategy only spent $8.3 billion on the cryptocurrency, giving the company an 80% real gain on its investment.
Michael Saylor, president and co-founder of MicroStrategy, began buying Bitcoin in 2020 as a hedge against inflation and an alternative to holding cash. The cryptocurrency is up about 600% since Saylor started buying it.
The decision to buy Bitcoin boosted MicroStrategy’s share price, which has soared more than 1,000% since Saylor’s decision. Stocks swung between gains and losses on Thursday, while Bitcoin stabilized.
–With assistance from Tom Contiliano.
(Updates with details throughout.)
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