Bitcoin

<p>In a development that has stirred the Bitcoin market, MicroStrategy, a front-runner in the business intelligence sector, has reaffirmed its steadfast belief in Bitcoin. The firm recently unveiled its latest <a href="https://blockchainreporter.net/bitcoin-price/" rel="noopener noreferrer nofollow">Bitcoin</a> procurement, an additional 12,333 Bitcoins, sending its total Bitcoin assets to a staggering 152,333 BTC.</p><h2 id="header-0">MicroStrategy’s Bitcoin Shopping Spree Totals $347 Million</h2><p>On June 28, MicroStrategy Incorporated, led by Michael Saylor, made a riveting <a href="https://www.microstrategy.com/en/investor-relations/financial-documents/microstrategy-acquires-additional-12333-bitcoins-and-now-holds-152333-btc_6-28-2023" rel="noopener noreferrer nofollow">announcement</a> about its most recent Bitcoin purchase. From April 29 to June 27, 2023, MicroStrategy and its subsidiaries went on a Bitcoin shopping spree, acquiring approximately 12,333 bitcoins. The firm invested about $347 million in cash for this acquisition, with an average cost of roughly $28,136 per Bitcoin, inclusive of fees and expenses.</p><p>This latest acquisition has significantly strengthened MicroStrategy’s Bitcoin portfolio. As of June 27, the firm and its subsidiaries collectively held an impressive 152,333 bitcoins. These digital assets were amassed at a total purchase price of a whopping $4.52 billion, with an average cost of approximately $29,668 per Bitcoin, including fees and expenses.</p><p>Additionally, Microstrategy disclosed a strategic financial move as it entered into a Sales Agreement with Cowen and Company, LLC, and Canaccord Genuity LLC on May 1. These entities, acting as sales agents, would oversee the issuance and sale of MicroStrategy’s class A common stock, with a par value of $0.001 per share. The agreement permits an aggregate offering price of up to $625 million, providing MicroStrategy with the flexibility to raise funds as required.</p><p>By June 28, MicroStrategy announced that it had successfully issued and sold a total of 1,079,170 Shares under the Sales Agreement as of June 27, 2023. This strategic action has yielded approximately $333.7 million in net proceeds for MicroStrategy, after deducting sales commissions and expenses.</p><h2 id="header-1">Bitcoin Price Remains Stable Around $30K</h2><p>MicroStrategy has been a pioneer in corporate Bitcoin <a href="https://blockchainreporter.net/adoption/" rel="noopener noreferrer nofollow">adoption</a>. Under the forward-thinking leadership of CEO Michael Saylor, the firm made its inaugural Bitcoin purchase in August 2020 and has been on a steady acquisition path ever since. This latest addition, valued at approximately $347 million, further solidifies MicroStrategy’s standing as one of the largest corporate Bitcoin holders.</p><p>At present, the Bitcoin price has shown little reaction to the news and has been on a downward trend. Currently, BTC is <a href="https://blockchainreporter.net/glossary/trading/" rel="noopener noreferrer nofollow">trading</a> at $30.3K, dropping over 1.5% in the last 24 hours.</p><p>Recent advancements in Bitcoin Exchange-Traded Fund (ETF) applications have significantly bolstered MicroStrategy’s aggressive Bitcoin acquisition strategy. Top asset management firms like Blackrock and Fidelity have filed for BTC Spot ETF, sparking a bullish rally for Bitcoin and MicroStrategy’s Bitcoin acquisition.</p>

MicroStrategy Announced the Acquisition of 12,333 Bitcoin for $347M, Boosting Its Portfolio to a Whopping 152,333 BTC

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