MicroStrategy's Bold Move in the Crypto Market

In a strategic expansion of its cryptocurrency portfolio, MicroStrategy Inc., now rebranded as Strategy, has announced the acquisition of an additional 6,911 Bitcoin. This latest purchase, totaling approximately $584.1 million in cash, was made between March 17 and March 23, as detailed in the company's recent Securities and Exchange Commission (SEC) filing.

Investment Details: The company disclosed that the Bitcoin was purchased at an average price of around $84,529 per coin, including fees and expenses. Funding for this acquisition was secured through the sale of 1,975,000 of its shares, generating net proceeds of $592.6 million.

Strategic Holdings and Market Response

With this latest acquisition, Strategy and its subsidiaries now boast ownership of 506,137 Bitcoin, acquired at an aggregate price of approximately $33.7 billion, averaging $66,608 per Bitcoin. The announcement spurred a positive reaction in the market, with the company's shares experiencing a 4.81% increase in premarket trading, reaching $304 per share at 8:30 am ET following the filing's release.