MicroStrategy's Massive Bitcoin Acquisition

In a bold move that underscores its confidence in cryptocurrency, MicroStrategy Inc., now rebranded as Strategy, has significantly expanded its Bitcoin holdings. The company announced the purchase of 6,911 Bitcoin for approximately $584.1 million in cash, as detailed in a recent SEC filing.

Financial Details of the Transaction

The acquisition, completed between March 17 and March 23, saw Bitcoin bought at an average price of $84,529 each, inclusive of fees and expenses. Funding for this investment came from the sale of 1,975,000 company shares, generating net proceeds of $592.6 million.

Current Bitcoin Holdings and Market Reaction

With this latest purchase, Strategy and its subsidiaries now boast ownership of 506,137 Bitcoin, acquired at a total cost of around $33.7 billion, averaging $66,608 per Bitcoin. The announcement sparked a 4.81% surge in the company's share price during premarket trading, reaching $304 per share.