MicroStrategy Now Holds 1% of Total Bitcoin Supply Following $600 Million Purchase

Publish on 19 March 2024

MicroStrategy, the business analytics firm led by co-founder and Executive Chairman Michael Saylor, has further bolstered its Bitcoin holdings with the acquisition of an additional 9,245 BTC. Saylor announced the latest purchase on Twitter, stating that the acquisition was made using proceeds from convertible notes and excess cash. With this purchase, MicroStrategy's total Bitcoin holdings now amount to 214,245 BTC, valued at approximately $13.6 billion. This substantial holding represents over 1% of the total supply of Bitcoin.

Prior to this latest acquisition, MicroStrategy already held more Bitcoin than its competitors, with around 205,000 BTC in its treasury. Saylor emphasized that the company's commitment to Bitcoin remains strong, highlighting its status as the "exit strategy" for MicroStrategy.

Last week, Saylor had announced MicroStrategy's plan to sell over $500 million in convertible senior notes to institutional investors, with the intention of using the proceeds to acquire more Bitcoin. However, Saylor's bullish announcement coincided with a Bitcoin flash crash on the Bitmex exchange, causing a temporary dip in the value of the cryptocurrency. Despite this, Bitcoin quickly rebounded from the flash crash, demonstrating its resilience in the market.

While Saylor did not directly address the flash crash in his announcement, he has consistently reiterated MicroStrategy's long-term commitment to holding Bitcoin. He views Bitcoin as a superior asset class, comparing it to established names like Apple, Google, and Microsoft. According to Saylor, there is no reason to sell Bitcoin, as it represents the ultimate exit strategy for MicroStrategy.

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