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MicroStrategy has added an extra 12,000 BTC to its Bitcoin holdings, the company led by Michael Saylor has announced.
Saylor revealed the major news on Monday, stating that the firm bought the bitcoins for approximately $821.7 million. MicroStrategy netted the massive haul at the average price of $68,477 per BTC.
According to Saylor, the company acquired the additional coins using proceeds from its convertible notes and excess. Earlier in the day, reports indicated MicroStrategy had secured an 800 million loan for a six-year period. The company used the money to boost its Bitcoin holdings.
“As of 3/10/24, $MSTR hodls 205,000 $BTC acquired for ~$6.91B at average price of $33,706 per bitcoin,” Saylor posted on X.
MicroStrategy has acquired an additional 12,000 BTC for ~$821.7M using proceeds from convertible notes & excess cash for ~$68,477 per #bitcoin. As of 3/10/24, $MSTR hodls 205,000 $BTC acquired for ~$6.91B at average price of $33,706 per bitcoin. https://t.co/YayyKtpz8d
— Michael Saylor⚡️ (@saylor) March 11, 2024
Bitcoin price breaks to new ATH above $72,000
Bitcoin price soared amid the new purchase, rising to a new all-time high above $72,000.
With MicroStrategy’s acquisition in place and the spot Bitcoin ETF frenzy still in full swing, its possible the price of Bitcoin could extend gains.
Here’s Messari founder & CEO’s take on Bitcoin price as the cryptocurrency pushed above $71k.
Just to be clear, in the past two years we had the LUNA collapse, the 3AC bankruptcy and crypto credit contagion, FTX fraud and collapse, Genesis-Gemini Earn bankruptcy, and $4bn Binance fine.
Bitcoin is at all time highs.
Stop selling things that never die. pic.twitter.com/wv8NUB7ADY
— Ryan Selkis (d/acc) 🇺🇸 (@twobitidiot) March 11, 2024
Earlier in the day, Bitcoin’s market cap flipped that of Silver to become the 8th largest asset in the world.
According to data from CoinGecko, Bitcoin price has reached a new all-time of $72,211.
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