Bitcoin

MicroStrategy buys another $786 million in Bitcoin with note proceeds

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7 months ago

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(Bloomberg) — MicroStrategy Inc. purchased approximately $786 million in Bitcoin with proceeds raised from the sale of convertible notes.

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The company acquired 11,931 Bitcoins between April 27 and June 19, according to a filing Thursday with the U.S. Securities and Exchange Commission. The purchases increased his overall holdings to 226,331 Bitcoin, valued at around $14.9 billion.

Michael Saylor, president and co-founder of MicroStrategy, began buying Bitcoin in 2020 as a hedge against inflation and an alternative to holding cash. The cryptocurrency is up about 600% since Saylor started buying it.

The decision to buy Bitcoin boosted MicroStrategy’s share price, which has soared more than 1,000% since Saylor’s decision.

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