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BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
08/01/2023

MicroStrategy Plans to Purchase Additional $750 Million in Bitcoin, BTC Price Surges to $30,000

Despite holding a Bitcoin treasury worth over $4.5 billion, billionaire Michael Saylor's company MicroStrategy shows no signs of slowing down. MicroStrategy Plans to Purchase Additional $750 Million in Bitcoin, BTC Price Surges to $29,800 Article updated with Bitcoin price. In its Q2/2023 financial report, MicroStrategy disclosed the purchase of an additional 467 Bitcoin (BTC) in July, amounting to $14.4 million. This move increased the company's Bitcoin holdings to 152,800 BTC, acquired at a

MicroStrategy Plans to Purchase Additional $750 Million in Bitcoin, BTC Price Surges to $30,000

Despite holding a Bitcoin treasury worth over $4.5 billion, billionaire Michael Saylor's company MicroStrategy shows no signs of slowing down.

MicroStrategy Plans to Purchase Additional $750 Million in Bitcoin, BTC Price Surges to $29,800

Article updated with Bitcoin price.

In its Q2/2023 financial report, MicroStrategy disclosed the purchase of an additional 467 Bitcoin (BTC) in July, amounting to $14.4 million. This move increased the company's Bitcoin holdings to 152,800 BTC, acquired at an average price of $29,672 per BTC, equivalent to $4.53 billion.

With Bitcoin's market price currently fluctuating between $29,700 and $29,900, MicroStrategy sees this as a slight profit-taking opportunity, or perhaps a "reinvestment" after nearly three years of cryptocurrency investment.

Earlier in June, MicroStrategy announced the purchase of 12,333 BTC for $347 million in cash, citing confidence in the potential of the world's largest cryptocurrency following news of asset management giant BlackRock filing for a Bitcoin spot ETF with the SEC.

Q2/2023 marks MicroStrategy's largest Bitcoin acquisition period since Q1/2021, a time when the crypto market was buoyant due to Tesla's acceptance of Bitcoin as a payment method.

The company revealed it financed these recent BTC acquisitions by selling shares to raise capital, subsequently converting the proceeds into Bitcoin. MicroStrategy remains steadfast in its long-term belief in Bitcoin as a solid store of value, secured by decentralized storage technology independent of national monetary policies.

Moreover, in a filing submitted to the SEC on August 1 (U.S. time), the company announced it had reached an agreement to offer $750 million in shares to interested investors, with plans to continue using the proceeds to purchase more Bitcoin.

Bitcoin's price has reacted very positively to these developments, rising from $29,000 to nearly $30,050 on the morning of August 2. This marks the highest price level for the world's number one cryptocurrency since July 24.

[1-hour chart of BTC/USDT pair on Binance at 08:35 AM on 02/08/2023]