MicroStrategy adds 169 Bitcoin worth $11.4M in July 2024: Report
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On August 2, 2024, Michael Saylor the founder and chairman of MicroStrategy announced that they have added a 169 Bitcoin (BTC) worth $11.4 million in July 2024. With this decent acquisition, MicroStrategy now holds a massive 226,500 BTC worth $8.3 billion.
In July, @MicroStrategy acquired an additional 169 BTC for $11.4 million and now holds 226,500 BTC. Please join us at 5pm ET as we discuss our Q2 2024 financial results, the outlook for $BTC, and our #Bitcoin development strategy. $MSTRhttps://t.co/cfGPc42jfM
— Michael Saylor
(@saylor) August 1, 2024
MicroStrategy Bitcoin holding
MicroStrategy is known for its continuous BTC acquisition, which has made the company the largest corporate BTC holder in the world.
According to the report, the average buying price of this massive BTC is somewhere around $36,821 as of July 31, 2024. However, at the press time, this massive BTC holding is worth $14.65 billion.
In a report, Andrew Kang, Chief Financial Officer, MicroStrategy, said “In Q2, we successfully raised an additional $800 million through our offering of 2.25% convertible senior notes due 2032 and called for redemption our $650 million convertible senior notes due 2025.”
CEO’s optimistic outlook
Additionally, Kang added that since the beginning of Q2, MicroStrategy has grown its BTC holding by 12,222 Bitcoin. Meanwhile, Phong Le, President and Chief Executive Officer, MicroStrategy, shared optimistic insights highlighting adoption from institutions to politicians.
“On the adoption front, we are extremely optimistic with the improved understanding of Bitcoin and the increasing support for the ecosystem from bipartisan politicians and institutions on display at the Bitcoin 2024 Conference in Nashville.” Le highlighted in a report.
On August 1, 2024, along with BTC, MicroStrategy MSTR has experienced a 6.3% downside move.
BTC price post-announcement
However, BTC seems to be recovering at press time, it is trading near the $64,700 level and has experienced a 2% price jump in the last 1 hour. Whereas, in the last 24 hours BTC is still down by 0.5%. Meanwhile, Ethereum (ETH) also experienced a 1.2% price surge in the last 1 hour and currently trading near the $3,160 level.
