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

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.