MicroStrategy, the business intelligence firm headed by Executive Chairman Michael Saylor, has announced a significant expansion of its Bitcoin holdings, capitalizing on a recent market correction. The company acquired an additional 2,932 BTC between March 11 and March 18, 2024.
The purchase was executed using proceeds from convertible senior notes and excess cash. The total expenditure for this latest acquisition phase was approximately $203.4 million, translating to an average purchase price of $69,190 per Bitcoin. This move reinforced Michael Saylor’s renowned strategy of accumulating the asset regardless of short-term volatility, often utilizing market dips as buying opportunities.
This aggressive accumulation occurred during a period where Bitcoin prices experienced a minor retracement following their recent climb to new all-time highs. Saylor’s consistent positioning frames Bitcoin not merely as a speculative asset but as the primary non-inflationary treasury reserve asset for the corporation.
Following this latest acquisition, MicroStrategy’s total consolidated Bitcoin stack now stands at approximately 214,244 BTC. These holdings were acquired at an aggregate purchase price of roughly $7.53 billion, resulting in an average cost per Bitcoin of approximately $35,160. The move solidifies MicroStrategy’s status as the largest publicly traded corporate holder of Bitcoin globally.
Source: Michael Saylor’s Strategy buys 2,932 Bitcoin amid market sell-off
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