MicroStrategy CEO Michael Saylor introduced on September 20 that it has bought an extra 7,420 bitcoins for about $489 million. The corporate now holds over 252,000 Bitcoin, acquired for $9.9 billion.
BREAKING: MicroStrategy buys one other 7,420 #Bitcoin for $458.2 million. pic.twitter.com/4nBm3EUH6M
— Bitcoin Journal (@BitcoinMagazine) September 20, 2024
Since 2020, MicroStrategy has adopted a Bitcoin-focused company technique, making the most of Bitcoin’s potential as an inflation hedge and retailer of worth. The corporate has amassed over 252,000 bitcoins value greater than $15 billion, considerably rising shareholder worth.
MicroStrategy has borrowed cash by issuing convertible senior notes to fund its Bitcoin purchases. It lately raised over $1 billion by means of be aware choices, partly to amass extra Bitcoin. Different public firms have emulated this “purchase Bitcoin” company technique to reap the benefits of Bitcoin’s progress.
MicroStrategy’s Bitcoin treasury purchases are like a large-scale “speculative assault” in opposition to fiat currencies. By exchanging fiat for scarce bitcoin when it’s undervalued, the corporate may reap huge returns if bitcoin continues appreciating as a worldwide digital retailer of worth.
The corporate is enterprise the biggest speculative problem in opposition to fiat forex in historical past by including essentially the most resilient asset to its treasury. Different public firms are starting to emulate MicroStrategy by implementing Bitcoin treasury methods and gaining Bitcoin publicity on their stability sheets.
