The post MicroStrategy Has Acquired Another 12,333 BTC For $347 Million, Skyrocketing Total to a Whopping 152,333 appeared first on Coinpedia Fintech News

In a move that has sent ripples through the Bitcoin market, MicroStrategy, the leading business intelligence firm, has once again demonstrated its unwavering faith in Bitcoin. The company recently announced the acquisition of an additional 12,333 Bitcoins, catapulting its total holdings to an astounding 152,333 BTC.

Microstrategy Bought Bitcoin Worth $347 Million

In a thrilling announcement on June 28, 2023, Michael Saylor’s MicroStrategy Incorporated, the leading business intelligence firm, revealed its latest Bitcoin acquisition. Between April 29 and June 27, 2023, MicroStrategy and its subsidiaries embarked on a Bitcoin buying spree, snapping up approximately 12,333 bitcoins. The company shelled out roughly $347.0 million in cash for this purchase, averaging around $28,136 per Bitcoin, fees and expenses included.

This latest acquisition has bolstered MicroStrategy’s Bitcoin portfolio significantly. As of June 27, 2023, the company, along with its subsidiaries, held an impressive total of approximately 152,333 bitcoins. These digital assets were accumulated at an aggregate purchase price of a staggering $4.52 billion, with an average purchase price of approximately $29,668 per Bitcoin, inclusive of fees and expenses.

Adding another layer to its strategic financial maneuvers, MicroStrategy had previously disclosed on May 1, 2023, that it entered into a Sales Agreement with Cowen and Company, LLC and Canaccord Genuity LLC. These firms, acting as sales agents, would facilitate the issuance and sale of MicroStrategy’s class A common stock, par value $0.001 per share.

The agreement allows for an aggregate offering price of up to $625.0 million, enabling MicroStrategy to raise funds as needed over time.

Fast forward to June 28, 2023, MicroStrategy announced that it had successfully issued and sold a total of 1,079,170 Shares under the Sales Agreement as of June 27, 2023. This strategic move has generated approximately $333.7 million in net proceeds for MicroStrategy, after accounting for sales commissions and expenses.

Also Read: Ripple vs SEC: Is the High-Stakes Legal Battle Headed for the Supreme Court?

Bitcoin Price Holds Near $30K

MicroStrategy has been a trailblazer in the corporate world’s adoption of Bitcoin. Under the visionary leadership of CEO Michael Saylor, the company made its first Bitcoin purchase in August 2020, and it hasn’t looked back since. This latest acquisition, worth approximately $347 million, further cements MicroStrategy’s position as one of the largest corporate holders of Bitcoin.

As of now, Bitcoin price has not much reacted to the news and it has been on a downward trajectory. Currently, BTC price is trading at $30.3K, declining over 1.5% in the last 24 hours.

Recent developments in Bitcoin Exchange-Traded Fund (ETF) applications have provided a significant boost to MicroStrategy’s aggressive Bitcoin acquisition strategy. Leading asset management firms like Blackrock and Fidelity have filed for BTC Spot ETF, providing a bullish rally for Bitcoin and Microstrategy’s Bitcoin acquisition.