MicroStrategy Buys 12,000 More Bitcoin for $821.7 Million

Software corporation MicroStrategy, has made its second-largest Bitcoin investment to date, purchasing an additional 12,000 Bitcoin for approximately $821.7 million. This acquisition increases the company’s total Bitcoin portfolio to approximately 205,000 tokens, valued at over $14 billion. The purchase was funded largely by the sale of $800 million in convertible notes through a private sale concluded on March 8th.

MicroStrategy’s Chairman and co-founder, Michael Saylor, initiated the company’s cryptocurrency investments in 2020 as an alternative to holding cash and as a hedge against inflation. Already in 2024, MicroStrategy has exceeded half of its total Bitcoin purchases from the previous year, spending more than $1 billion during the first quarter. This strategic move into Bitcoin has resulted in a significant rise in MicroStrategy’s market value, 1,000% since Saylor’s initial investment, pushing the company’s market capitalization up to around $25.7 billion.

The Bitcoin were acquired at an average price of $68,477 each, with the overall investment now averaging $33,706 per Bitcoin. Shares in MicroStrategy have also experienced a positive impact from this strategy, rising by 6.6% to $1,513.46 as of 9:33 a.m. in New York.