🌎 MicroStrategy Buys $561 Million in Bitcoin

MicroStrategy Extends Bitcoin Buying Spree, Cements Position as Largest Corporate Holder

MicroStrategy has continued its weekly Bitcoin buying spree for the seventh consecutive time, solidifying its position as the largest corporate Bitcoin holder with nearly $45 billion in assets.

According to MicroStrategy executive chairman, Michael Saylor, the company purchased 5,262 Bitcoin for $561 million at an average price of $106,662 before the recent market correction. With this acquisition, MicroStrategy now holds 444,262 BTC, reinforcing its lead as the top institutional Bitcoin holder.

Unrealized Profits and Market Correction

With an initial investment of $27.7 billion, MicroStrategy recorded nearly $15 billion in unrealized profits at the time of writing, despite last week’s cryptocurrency market downturn. The company’s latest purchase has sparked criticism from skeptics, who pointed out that the average purchase price exceeded the market price.

“It seems like you are running out of firepower to keep propping up Bitcoin. Plus, not only is this your smallest buy, but the first time your average purchase price has been above the market price on the Monday you disclosed the buy.”

U.S. stockbroker and economist Peter Schiff was among the critics, arguing that MicroStrategy should focus on buying the dip to maximize shareholder value.

Funds Raised for Further Bitcoin Acquisitions

In addition to the Bitcoin purchase, MicroStrategy disclosed in a Form 8-K filing with the Securities and Exchange Commission that it had sold approximately 1.32 million shares of MSTR convertible notes, raising over $7 billion. The funds are reportedly intended for further Bitcoin acquisitions.

Metaplanet Invests in Bitcoin

Metaplanet, a Tokyo-based company often referred to as Japan’s MicroStrategy, has unveiled its biggest BTC buy yet. The company pumped $60.6 million into its Bitcoin treasury.

As the cryptocurrency market continues to evolve, it’s essential for investors to stay informed. For the latest news and updates on Bitcoin and other cryptocurrencies, visit Global Crypto News.