Michael Saylor announces another $650 million purchase of Bitcoin as the price falls from the weekend’s peaks.
Business intelligence company MicroStrategy has increased its reserves of Bitcoin (BTC), with a purchase of 29,646 BTCs for a total of $650 million, an average of about $21,925 per Bitcoin.
Chief Executive Officer Michael Saylor tweeted the news immediately Bitcoin Era after a price drop to USD 22,247, although it is unclear whether the acquisition coincided with this event.
MicroStrategy to Issue $400 Million in Securities to Buy More Bitcoin
MicroStrategy announced its intention to buy more Bitcoin earlier this month with a $400 million debt sale to raise funds for the purchase. The bond sale eventually generated $650 million that has now been used to buy Bitcoin as promised.
The company now has a total of 70,470 BTCs, purchased at an average price per Bitcoin of USD 15,964. This makes it the fifth largest single hodler at Bitcoin, one place ahead of the US government, which reportedly owns 69,420 BTC.
MicroStrategy completed a $650 million bond sale to finance its upcoming purchase of Bitcoin
MicroStrategy began its journey with Bitcoin in August, with a purchase of 21,000 BTCs for $250 million. At that time, the company stated that it intended to adopt Bitcoin as its primary reserve currency as a hedge against US dollar inflation.
Further purchases followed, including a $425 million acquisition in September which was carried out through Coinbase’s OTC service.
World’s largest business intelligence company buys 21,000 Bitcoin for USD 250 million
Recently, Saylor encouraged his fellow billionaire, Elon Musk, to follow his example and use BTC to replace the US dollar as Tesla’s main reserve currency. This would encourage other S&P 500 firms to follow his example, Saylor argued, emphasizing the benefits of such a move.