MicroStrategy Buys 12,000 BTC For $821M As Bitcoin Surpasses $72.5K

MicroStrategy, the pioneer company in AI-powered cloud analytics has continued its Bitcoin buying spree, acquiring an additional 12,000 BTC in March 2024 at an average price of $68,477. 

Michael Saylor, MicroStrategy’s founder and chairman disclosed the development on Monday, intensifying bullish sentiments and investor interest in the leading cryptocurrency. 

Worth about $821.7 million, the recent 12,000 BTC added to MicroStrategy’s holdings were acquired using proceeds from the company’s convertible notes and excess cash, Saylor said. 

Report shows that MicroStrategy completed $800 million offering of convertible senior notes due 2030 at 0.625% coupon and 42.5% conversion premium on March 11, 2024. 

The Bitcoin Development Company now holds a whopping 205,000 BTC as of March 11, 2024, cementing its position as the largest known institutional and public holder of Bitcoin. 

It bears mentioning that MicroStrategy acquired 3,000 BTC for $155 million at an average price of $51,813 last month.  In January, the top institution acquired 850 BTC for $37.2 million. At press time, MicroStrategy has invested a total of $6.91 billion in BTC at an average price of $33,706 per bitcoin

Bitcoin Breaks $72,500, Sets New All-Time High

Amid increasing accumulations, surging institutional adoption and the fast-approaching fourth bitcoin halving event, BTC price climbed past $72,500 on Monday. The largest cryptocurrency by market cap now has an all-time high at $72,704, according to CoinGecko data. 

The remarkable price action has triggered bullish expectations from several crypto proponents, including Robert Kiyosaki. As earlier reported by Nitadel, the best-selling author and popular American entrepreneur predicted BTC to hit $300,000 post-halving. Bitcoin is changing hands at $72,264, up 4.3% in the past 24 hours. 

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