- Michael Saylor’s MicroStrategy acquired 11,931 new Bitcoin
- The big-ticket purchase is worth a total of $786 million
- The software firm now holds 226,331 Bitcoin worth $15 billion
MicroStrategy Buys 11,931 Bitcoin
MicroStrategy, the software firm run by Bitcoin proponent Michael Saylor, just acquired 11,931 new Bitcoin, growing its stack to a record of 226,331 coins. The latest purchase was made at market prices of around $65,000 for a total amount of $786 millio
With this, MicroStrategy’s corporate stack of Bitcoin is worth more than $15 billion, or just about half of the company’s market value of $25 billion. This said, shares of Nasdaq-listed MicroStrategy have doubled this year and are up more than 9 times over the past five years.
The advance is largely thanks to the appreciating valuation of Bitcoin. Over the past five years, Bitcoin is up more than 400%, with its price today floating around $65,000 per token.
A Bet That’s Playing Out
Back to MicroStrategy, the fresh acquisition comes days after Michael Saylor set out to raise $500 million through a debt sale. The intention? Get more Bitcoin. Saylor plans to leverage his company’s balance sheet and use debt to pick more of the orange coin.
If we zoom out, his big and risky bet on Bitcoin is so far panning out nicely. The entire stash of more than 226,000 tokens has an average price of roughly $36,000 a piece. In other words, Saylor has sunk about $7 billion in Bitcoin and is riding on another $8 billion in unrealized profits.
