MicroStrategy Splurges Another $650M on Latest Bitcoin Investment
MicroStrategy is transforming itself into corporate America's boldest bitcoin bull, now owning bitcoin worth over $1.596 billion.
MicroStrategy has invested all of the proceeds of its $650 million debt issuance into 29,646 more bitcoin.
- The business intelligence firm now has 70,470 BTC worth over $1.596 billion in its treasury reserve.
- Saylor said in the tweet that MicroStrategy has spent $1.125 billion on bitcoin to date, at an average price of $15,964 per bitcoin.
- MicroStrategy held a $650 million convertible senior note sale in early December to raise funds for this allocation. Previous purchases relied on a $500 million glut in its corporate balance sheet.
- Issuing debt to buy bitcoin is a bold bet for any publicly traded company, especially for one whose business model does not even center on cryptocurrencies. CEO Michael Saylor has brushed aside all criticism nonetheless.
Read more: Michael Saylor: Bitcoin’s Cyber Hornet
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.