- MicroStrategy has added another 14.5M worth of Bitcoin after adding 12,333 in June.
- The company says it plans to raise upwards of 750 million dollars to invest in the currency, among other corporate duties.
MicroStrategy’s Bitcoin buying spree continues as the company bags 14.5 million dollars worth of Bitcoin amid a bigger plan to invest over $ 750 million more in the coin. The increased interest from MicroStrategy comes as its chair Michael Saylor thinks the next wave of institutional investments is imminent.
Saylor keeps filling MicroStrategy’s Bitcoin bags
Saylor’s MicroStrategy now holds 152,800 bitcoins worth over $4.53 billion after adding 467 more coins at $14.5 million. The company has also released a filing indicating that it plans to raise as much as $750 million via share sales to invest in the coin, among other general corporate purposes.
The $750 million would be allocated to Bitcoin investment and other roles like working capital deployment and debt repurchase. Saylor has been vocal about investments in Bitcoin for multiple years now. He started buying Bitcoin in 2020, citing the need for the company to hold cash due to an eroding threat of inflation.
He was bashed for the company losing millions in unrealized losses over the bear market from November 2021 through 2023. However, MicroStrategy continued “filling its bags” till Q2 2023, when it added over 12.3K bitcoins. It has now added 467 more coins and plans to keep buying as it is raising money to add to its capital.
Saylor is a strong believer in Bitcoin, and now that BlackRock and other TradFi institutions have started flocking into Bitcoin ETFs, he thinks that it’s “the best thing that ever happened to Bitcoin,” meaning he would keep buying the coin. Keep watching Fintech Express for more updates on this and other fintech-related developments.