MicroStrategy CEO Michael Saylor announced The company announced on 20 September that they had acquired an additional 7,420 Bitcoins worth approximately $489 Million. It now has over 252,000 Bitcoin, purchased for $9.9 Billion.
MicroStrategy purchases another 7,420 #Bitcoin For $458.2 Million pic.twitter.com/4nBm3EUH6M
— Bitcoin Magazine (@BitcoinMagazine) September 20, 2024
MicroStrategy adopted a Bitcoin focused corporate strategy in 2020. The company is taking full advantage of Bitcoin as an inflation hedge, and value store. The company’s stockpile of over 252,000 Bitcoins is worth $15 billion. It has increased the value for shareholders.
MicroStrategy has issued convertible senior notes in order to finance its Bitcoin purchases. It recently raised over $1 billion Through note offerings, part to obtain more Bitcoin. This is a model that other public companies are following. “buy Bitcoin” Bitcoin as a corporate strategy for profiting from its growth
MicroStrategy’s Bitcoin Treasury purchases are similar to a large-scale purchase. “speculative attack” against fiat currencies. The company can reap huge returns by exchanging fiat currency for bitcoins when they are undervalued.
MicroStrategy is attempting to take on the biggest speculative challenge in the history of fiat currencies by adding a highly resilient asset into its Treasury. MicroStrategy has inspired other companies to implement Bitcoin treasury and gain Bitcoin exposure in their balance sheets.
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Source: bitcoinmagazine.com