MicroStrategy Adds 169 Bitcoins to $11.4M in July 2024: Report
In the year On August 2, 2024, MicroStrategy founder and chairman Michael Saylor announced that they will add 169 Bitcoins (BTC) in July 2024, worth $11.4 million. With this modest purchase, MicroStrategy now holds a whopping 226,500 BTC worth $8.3 billion.
Microstrategy Bitcoin case
Microstrategy is known for its series of BTC acquisitions, making the company the largest corporate BTC holder in the world.
According to the report, the average purchase price of this massive BTC as of July 31, 2024 is around $36,821. However, at the time of press release, this massive BTC holdings are $14.65 billion.
In the report, MicroStrategy Chief Financial Officer Andrew Kang said, “We have successfully raised an additional $800 million in 2032 issuance of 2.25% convertible senior notes and have called to repay $650 million in 2025 convertible senior notes.
CEO optimism
Kang also increased his microstrategy BTC holdings by 12,222 bitcoins since the start of Q2. Meanwhile, Fong Le, President and CEO, MicroStrategy, shared great insights that highlight adoption from institutions to politicians.
“On the adoption front, we are extremely optimistic about the improved understanding of Bitcoin and the growing support for the ecosystem from both politicians and institutions at the Bitcoin 2024 conference in Nashville.” Le is featured prominently in the report.
In the year On August 1, 2024, against BTC, MicroStrategy MSTR experienced a 6.3% low move.
BTC price post-announcement
However, BTC seems to be recovering as of press time, trading near the $64,700 level and gaining 2% in price over the past 1 hour. However, BTC is still down 0.5% in the last 24 hours. Meanwhile, Ethereum (ETH) has also experienced a 1.2% price increase in the last 1 hour and is currently trading near $3,160.
