MicroStrategy Buys $786 Million More in Bitcoin With Note Proceeds

Hanzin

(Bloomberg) — MicroStrategy Inc. purchased about $786 million of Bitcoin with proceeds from the sale of convertible notes.

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The company purchased 11,931 Bitcoins between April 27 and June 19, according to a filing with the U.S. Securities and Exchange Commission on Thursday. The purchases increased their total assets to 226,331 Bitcoins, worth approximately $14.9 billion.

Michael Saylor, president and co-founder of MicroStrategy, started buying Bitcoin in 2020 as a hedge against inflation and as an alternative to holding cash. The cryptocurrency is up nearly 600% since Saylor began buying it.

The move to buy Bitcoin has boosted MicroStrategy’s share price, which has risen more than 1,000% since Saylor’s decision.

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