Saturday, September 30, 2023

Microstrategy, a company listed on Nasdaq, has significantly increased its Bitcoin holdings and now owns 152,800 bitcoins, which were acquired for a total cost of $4.53 billion. In the second quarter alone, the company purchased 12,800 bitcoins for $361.4 million. Additionally, Microstrategy plans to further expand its Bitcoin holdings by using up to $750 million from the sales of its common stock.

The company’s founder and executive chairman, Michael Saylor, announced on Twitter that Microstrategy recently acquired an additional 467 BTC for $14.4 million, bringing their total Bitcoin holdings to the current level.

Microstrategy is also working on an enterprise platform called Lightning Rewards, aimed at incentivizing employees and customers by rewarding them with satoshis instantly. The company expects to launch this platform in Q3.

The plan to buy more Bitcoin is part of a sales agreement with three companies, as stated in a filing with the U.S. Securities and Exchange Commission. The agreement allows Microstrategy to sell shares of its class A common stock, generating up to $750 million in proceeds. The company intends to use these funds for various purposes, including the acquisition of more Bitcoin, general corporate needs, and potentially the repurchase or repayment of their debt.

With the current price of Bitcoin trading at $29,435, the value of Microstrategy’s Bitcoin holdings has significantly increased, up by over 77% year-to-date.

This move by Microstrategy indicates their strong belief in the long-term potential of Bitcoin as a store of value and an investment asset. As the company continues to increase its holdings and invest significant amounts in Bitcoin, it may attract attention from other institutional investors and further contribute to the cryptocurrency’s mainstream adoption and acceptance.

Frequently Asked Questions (FAQs) about Bitcoin holdings

Q: What is Microstrategy’s current Bitcoin holding?

A: Microstrategy currently holds 152,800 bitcoins, acquired for a total cost of $4.53 billion.

Q: How many bitcoins did Microstrategy acquire in the second quarter?

A: In the second quarter, Microstrategy acquired 12,800 bitcoins for $361.4 million.

Q: What is the company’s plan regarding Bitcoin acquisition?

A: Microstrategy plans to buy more bitcoins using up to $750 million from the sales of its common stock.

Q: What is Lightning Rewards?

A: Lightning Rewards is an enterprise platform being developed by Microstrategy to incentivize employees and customers by rewarding them with satoshis instantly.

Q: How much has the price of Bitcoin increased year-to-date?

A: At the time of writing, Bitcoin is trading at $29,435, up over 77% year-to-date.

Q: What is the intended use of the $750 million proceeds from the stock sales?

A: Microstrategy intends to use the net proceeds for general corporate purposes, including acquiring more Bitcoin, working capital, and potentially repurchasing or repaying their indebtedness.

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