MicroStrategy continues to steadfastly pursue its Bitcoin strategy regardless of market conditions. The company recently added a whopping 18,300 BTC to its portfolio, as revealed in an official filing with the U.S. Securities and Exchange Commission (SEC).
The purchases took place between August 6 and September 12, at an average price of $60,408 per Bitcoin, bringing the total purchase amount to $1.11 billion.
Financing through share sales
MicroStrategy was able to buy the Bitcoins by selling 8,048,449 of its own shares. This sale is part of the previously announced plan to raise a total of $2 billion through equity issuance, with the aim of buying BTC.
Bitcoin strategy is a huge success
The company now owns an impressive 244,800 BTC, worth an estimated $14 billion. Of this amount, $9.45 billion has been invested by itself, at an average purchase price of $38,585 per BTC. MicroStrategy and its founder Michael Saylor have made a significant profit from this. The company reported a quarterly return of 4.4% and a year-over-year return of 17.0%, making their Bitcoin strategy a huge success.
Japanese company follows suit
MicroStrategy’s success has inspired other companies as well. Japanese investment firm Metaplanet, often referred to as the “Asian MicroStrategy,” announced on September 10 that it had purchased 38.4 BTC for 300 million yen, equivalent to about $2 million.
Metaplanet is using Bitcoin as a hedge against the weak Japanese yen and rising government debt. The company now owns a total of 398.8 BTC, worth $26 million, which still makes them a smaller player compared to MicroStrategy.
Source: https://newsbit.nl/microstrategy-blijft-agressief-investeren-koopt-voor-111-miljard-aan-bitcoin/
