Bitcoin Breaks $60,000 as MicroStrategy Makes a Major Purchase
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On Friday, business intelligence firm MicroStrategy announced it had acquired 18,300 BTC, valued at $1.11 billion, as noted in a filing with the US SEC.
This acquisition brings the company’s total Bitcoin holdings to 244,800 BTC, according to Executive Chairman Michael Saylor.
This new addition pushes MicroStrategy’s total Bitcoin stash to 244,800 BTC, worth an estimated $9.45 billion, with each BTC averaging a value of $38,585. The firm reports a Bitcoin yield of 4.4% for the quarter and 17% year-to-date, resulting in a profit of approximately $4.71 billion, according to Lookonchain data.
Back in June, MicroStrategy made another major purchase, acquiring 11,931 BTC using proceeds from an $800 million private offering of convertible senior notes. The company stated that it planned to use these funds primarily to expand its Bitcoin holdings, consistent with its strategy of utilizing debt to increase its cryptocurrency portfolio. The convertible notes are unsecured and senior, meaning they hold priority over other debts but are not backed by collateral.
After this move, Bitcoin’s price surged to over $60,000 – a 13% increase in the past week alone, recovering from the recent correction.
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