MicroStrategy Buys 13,005 Bitcoin At $489M

MicroStrategy announced that it has acquired 13,005 additional bitcoin for approximately $489 million in cash, at an average price of around $37,617 per bitcoin, including fees and expenses. The company, headed by Bitcoin bull Michael Saylor, now holds 105,085 bitcoin, acquired at an average purchase price of about $2.741 billion — averaging $26,080 spent per bitcoin.

Saylor spoke at the Bitcoin 2021 conference in early June in Miami and his company owns much more bitcoin than any other publicly-traded company. The only entity known to hold more bitcoin at this point is investment manager Grayscale, with 654,885 BTC held in its bitcoin trust on behalf of investors — currently worth more than $24 billion.

At the conference, Saylor reflected on the fantastic impact that Bitcoin will have on the world.

“For the first time in history, we can grant property rights to seven billion people,” he said.

The proceeds of MicroStrategy’s latest bitcoin purchase came from an offering of senior secured notes that the business intelligence company completed last week. Although the net proceeds of the sale amounted to approximately $488 million after expenses, it reportedly received more than $1.5 billion in orders from institutional investors. The offering, which assures a 6.125% annual interest rate, was announced two weeks ago when the bitcoin price was at a monthly low of around $33,400.