JUST IN: MicroStrategy Buys Bitcoin Worth $458 Million

Michael Saylor's MicroStrategy continues to expand its Bitcoin reserves, showing their undeniable optimism for the crypto market bull run.

Less than 30 minutes ago, Michael Saylor announced via X (previously Twitter), that his company bought another 7,420 BTC for approximately $458.2 million – or $61,750 per coin on average.

This led to the achievement of a 5.1% QTD of 5.1% and YTD of 17.8%. The returns on their investment are quite notable and many other instituional investors are following their example and adjusting their strategies to adopt BTC.

As of September 19, 2024, MicroStrategy holds 252,220 BTC worth around $9.9 billion with an average price of $39,566 per coin.

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Bitcoin (BTC) Soars to 54.9% Crypto Market Dominance

Earlier today the company announced that it raised $1.01 billion at 0.625% interest rate to buy more Bitcoin.

At the time of writing Bitcoin is trading at $62,740 after an 8% weekly surge and has a market cap of $1.24 trillion.

Alexander Stefanov