MicroStrategy's Bold Move in the Crypto Market

In a bold move that underscores its confidence in Bitcoin, MicroStrategy Inc., operating as Strategy, has announced the acquisition of 6,556 Bitcoin for approximately $555.8 million in cash. This significant purchase occurred between April 14 and April 20, as detailed in the company's recent Securities and Exchange Commission (SEC) filing.

Details of the Transaction

The company disclosed that it purchased Bitcoin at an average price of around $84,785 per Bitcoin, inclusive of fees and expenses. Funding for this acquisition was sourced from the sale of 1,7555,000 of its shares, which yielded aggregate net proceeds of $547.7 million.

MicroStrategy's Growing Bitcoin Portfolio

According to the SEC filing, Strategy and its subsidiaries now boast ownership of 538,200 Bitcoin. These were acquired at a total cost of approximately $36.47 billion, averaging about $67,766 per Bitcoin. Following the announcement, the company's shares experienced a 2.60% increase in premarket trading, reaching $325.45 per share.