MicroStrategy's Bold Bitcoin Purchase

In a significant move that underscores its confidence in cryptocurrency, MicroStrategy Inc., now rebranded as Strategy, has announced the acquisition of 6,911 Bitcoin for approximately $584.1 million. This purchase was made over the course of a week, from March 17 to March 23, as detailed in the company's recent SEC filing.

Investment Details and Market Reaction

The company disclosed that the average purchase price per Bitcoin was around $84,529, inclusive of fees and expenses. Funding for this acquisition came from the sale of 1,975,000 of its shares, which netted $592.6 million. Following the announcement, Strategy's shares experienced a notable increase, rising by 4.81% in premarket trading to $304 per share.

Strategy's Growing Bitcoin Portfolio

With this latest purchase, Strategy and its subsidiaries now hold a staggering 506,137 Bitcoin, acquired at a total cost of about $33.7 billion, averaging $66,608 per Bitcoin. This move further solidifies Strategy's position as a major player in the cryptocurrency investment space.