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MicroStrategy Continues Bitcoin Buying Spree, Raises BTC Stockpile to $14.14Bn
After a recent slump in crypto prices, many whales and companies pounced on the buying opportunity by making substantial buys. Michael Saylor-led MicroStrategy is one of those companies as it continues its Bitcoin buying spree with the latest purchase worth $1.11 billion.
According to local media reports, MicroStrategy, a leading business intelligence and software company, sold its eight million shares through a sales agreement to purchase Bitcoin, which was seen trading at $57,838.00 at the time of writing.
In its Form 8-K submission to the United States Securities and Exchange Commission (SEC) at the stroke of the weekend, MicroStrategy announced acquiring around 18,300 Bitcoin tokens in the period from August 6 to September 12, 2024. The company stated that the $1.11 billion purchase was made at an average rate of $60,408 per Bitcoin token, including gas fees and miscellaneous expenses.
Michael Saylor at the Forefront of Paradigm Shift
Michael Saylor, CEO of MicroStrategy, has been seriously expanding his company’s holdings in Bitcoin for the last four years since making its inaugural purchase on August 11, 2020. With the latest Bitcoin acquisition, MicroStrategy has expanded its BTC holdings to…
