MicroStrategy Now Holds 1% of Bitcoin Supply With Latest Acquisition of 9,245 BTC

While crypto investors were panicking amid the market crash, MicroStrategy was busy buying the dip.  

MicroStrategy, the publicly traded business intelligence company helmed by Michael Saylor, now holds 1% of Bitcoin’s total supply following its latest purchase. The company has acquired an additional 9,245 BTC for $623 million in cash, increasing its total bitcoin holdings to 214,246 BTC.

According to the firm’s press release, the latest acquisition occurred between March 11 and 18. The average cost per bitcoin during this period was $67,382, factoring in fees and expenses. 

MicroStrategy made the purchase using $592.3 million from the proceeds of a recent private offering of convertible senior notes, along with $30.7 million of excess cash.

Recall that the company recently revealed plans to raise $700 million through convertible notes and other means. The firm explained that it would invest funds raised in Bitcoin.

With this latest addition of 9,245 BTC, the software company now owns 1% of Bitcoin’s total supply, holding an aggregate total of approximately 214,246 bitcoins acquired at an average price of $35,160 per bitcoin.

The total amount spent by MicroStrategy on its Bitcoin purchases stands at around $7.53 billion. However, due to the surge in the price of the leading crypto asset, which has attained new all-time highs on several occasions since this year, the current market value of these holdings is estimated to be over $13.5 billion.

MicroStrategy Bitcoin Adventure

Since adopting the Bitcoin strategy in August 2020, MicroStrategy, led by Saylor, continues to aggressively acquire the crypto asset even amid market volatility and criticism.

The firm currently ranks number one among public companies holding bitcoin due to its confidence in the asset. On one occasion, Saylor expressed his bullish stance around the leading cryptocurrency, stating that Bitcoin would soon eat gold.  

Meanwhile, the latest BTC acquisition comes as bitcoin trades at $62,500 at press time, which represents a 7.16% decrease in the last 24 hours, according to data from Coinstats.