Michael Saylor's MicroStrategy made headlines in June 2024 with a significant Bitcoin acquisition. The company purchased an additional 11,931 BTC for approximately $786 million, bringing its total holdings to 226,331 BTC, valued at nearly $15 billion at the time .
Key Details:
Acquisition Period: Late April to June 19, 2024
Average Purchase Price: Approximately $65,883 per BTC
Total Investment: Around $8.33 billion
Funding Method: $800 million raised through a convertible senior notes offering
This move underscores MicroStrategy's commitment to Bitcoin as a treasury reserve asset. Since initiating its Bitcoin strategy in 2020, the company has consistently increased its holdings, often funding purchases through debt offerings. Michael Saylor views Bitcoin as a hedge against inflation and a superior store of value compared to traditional assets .
MicroStrategy's aggressive accumulation has positioned it as the largest publicly traded corporate holder of Bitcoin, owning about 1% of the total supply . This strategy has also influenced other companies to consider Bitcoin for their treasuries.