- MicroStrategy purchases another 5,445 BTC, bringing its total holdings to 158,245 BTC, valued at $4.68 billion.
- Its CEO Michael Saylor reaffirms his conviction that Bitcoin is undervalued compared to other cryptocurrencies, recommending the sale of altcoins in favor of BTC.
- The company is diversifying its funding sources by issuing shares worth up to $750 million, generating $147.3 million in net proceeds, to support its Bitcoin investments and future growth.
MicroStrategy, the software company led by Michael Saylor, has returned to buying Bitcoin (BTC). In addition, the company has recently announced agreements to issue shares for a significant value, demonstrating its intention to further diversify its financing sources.
MicroStrategy and its obsession with Bitcoin (BTC)
Since beginning its journey into Bitcoin investments in August 2020, MicroStrategy has been a strong supporter of BTC.
Michael Saylor, CEO of the company, has repeatedly stated that Bitcoin is “digital gold” and has strategically incorporated it into the company’s corporate treasury.
The latest purchase of 5,445 BTC, at an average price of around $27,053 per unit, brings the total Bitcoin in its treasury to a staggering 158,245 BTC, valued at approximately $4.68 billion.
At the same time, Saylor has said that Bitcoin is undervalued compared to altcoins, which is why he urges selling them in favor of Bitcoin.
Currently, the price of Bitcoin is $26,166, having a small decrease of 0.45% compared to the last 24 hours.
New sources of financing
The company has announced agreements with Cowen and Company, LLC, Canaccord Genuity LLC and Berenberg Capital Markets LLC to issue and sell shares valued at up to $750 million.
To date, they have already issued and sold 403,362 shares, generating net proceeds of around $147.3 million after deducting sales commissions. Exact amount that has been dedicated to the purchase of the new BTC.
The recent Bitcoin acquisition and share issuance show that MicroStrategy is determined to maintain its position as one of the leading institutional investors in Bitcoin.