MicroStrategy, the world’s largest corporate Bitcoin investor, added $177 million to its holdings.
MicroStrategy Continues to Stack Bitcoin
Michael Saylor’s business intelligence firm acquired 3,907 additional bitcoins between July 1 and August 23 at an average price of $45,294 per coin, according to a Tuesday Form 8-K filing with the US Securities and Exchange Commission (SEC).
Saylor’s large investments in Bitcoin have paid off. With Bitcoin selling at over $48,500, its assets are now worth $5.29 billion, or around 90% more than its initial investment.
In June, the business raised $500 million in debt to buy Bitcoin by issuing senior seven-year term notes with a 6.125 percent annual interest rate. As a result, many in the industry now believe MSTR shares to be a pseudo-Bitcoin ETF since the $2.1 trillion obtained through stock convertible, and debt notes accounted for more than 60% of the company’s acquisitions.
Saylor has made it plain that MicroStrategy has no intentions to sell Bitcoin anytime soon while addressing the firm’s long-term strategy. Saylor has previously stated that he believes in purchasing and retaining “pristine assets” and considers Bitcoin to be “sound money.” On a recent Unchained podcast, he justified his aversion to selling Bitcoin by telling presenter Laura Shin that it will continue to rise in value indefinitely when you have the greatest asset.