Michael Saylor's Strategy acquires another 1,587 bitcoin for $100 million

Michael Saylor's MicroStrategy acquired an additional 1,587 bitcoins for approximately $100 million this week. The company purchased these digital assets at an average price of $63,024 per bitcoin. This acquisition increases MicroStrategy's total holdings to 226,331 bitcoins, acquired at an average cost of $36,771 per bitcoin. The total cost for these bitcoins amounts to $8.33 billion. MicroStrategy has been consistently adding to its bitcoin reserves since August 2020, utilizing its corporate treasury and proceeds from debt and equity offerings to fund these purchases. The company's strategy centers on leveraging bitcoin as its primary treasury reserve asset, a move that has positioned it as a significant institutional holder of the cryptocurrency. This latest purchase underscores MicroStrategy's ongoing commitment to its bitcoin acquisition strategy, even amidst market fluctuations.