MicroStrategy’s Bitcoin Holdings Surpass 1% of Cryptocurrency’s Total Supply

Following its acquisition of 9,245 BTC for $623 million, MicroStrategy’s cryptocurrency reserves have reached 214,246 BTC, exceeding 1% of the total supply of digital gold.

MicroStrategy has acquired an additional 9,245 BTC for ~$623.0M using proceeds from convertible notes & excess cash for ~$67,382 per #bitcoin. As of 3/18/24, $MSTR hodls 214,246 $BTC acquired for ~$7.53B at average price of $35,160 per bitcoin. https://t.co/oeYJGgiuy0

— Michael Saylor⚡️ (@saylor) March 19, 2024

The firm’s latest asset acquisitions occurred between March 11 and 18 at an average price of $67,382.

MicroStrategy utilized proceeds from the issuance of convertible senior notes amounting to $592.3 million, along with $30.7 million of its own cash.

The 214,246 BTC held by the company are valued at $7.53 billion, with an average purchase price of $35,160 per coin.

At the time of writing, the leading cryptocurrency continued its correction, falling below the $63,000 level.

MicroStrategy was the first public company to begin converting reserves into the leading cryptocurrency back in August 2020.

The company’s founder and former CEO, Michael Saylor, has repeatedly stated plans to increase the volume of digital assets held.

In February 2024, he once again ruled out selling MicroStrategy’s bitcoin holdings.

Hal Press, founder of North Rock Digital, opined that the company will eventually have to “sell every coin” due to the collapse of Saylor’s business strategy.