MicroStrategy Makes Historic $2.03 Billion Bitcoin Bet
The business world was abuzz on Monday as MicroStrategy Inc. announced a massive acquisition of Bitcoin, purchasing approximately 27,200 tokens for a staggering $2.03 billion. This significant investment solidifies the enterprise software maker’s position as a leading crypto hedge-fund proxy.
A Strategic Move
MicroStrategy’s corporate strategy has long included investing in cryptocurrency, and this latest purchase is a testament to the company’s commitment to this vision. The acquisition was made possible through the issuance and sale of stock, with the proceeds used to buy the Bitcoin tokens between October 31 and November 10.
A Record-Breaking Investment
As of Monday, MicroStrategy’s Bitcoin holdings have surged to almost $23 billion, thanks to the record price of over $82,000 per token. The company, along with its subsidiaries, now holds a whopping 279,420 Bitcoin, with an aggregate purchase price of around $11.9 billion. This works out to an average purchase price of approximately $42,692 per Bitcoin, inclusive of fees and expenses.
A Bold Bet on the Future
MicroStrategy’s historic investment is a clear indication of the company’s confidence in the future of cryptocurrency. As the digital asset continues to gain mainstream acceptance, this bold move could pay off in a big way. With its substantial Bitcoin holdings, MicroStrategy is poised to benefit from any future growth in the cryptocurrency market.
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