MicroStrategy uses convertible-note proceeds to buy another 29,646 BTC
MicroStrategy announces completion of latest Bitcoin purchase of 29,646 BTC for approximately $650 million, bringing total holdings over 70,000 BTC.
On December 21, 2020, MicroStrategy uses convertible-note proceeds to buy another 29,646 BTC. MicroStrategy announces completion of latest Bitcoin purchase of 29,646 BTC for approximately $650 million, bringing total holdings over 70,000 BTC.
With Bitcoin trading above $24,000, MicroStrategy's holdings showed substantial unrealized gains that validated CEO Michael Saylor's aggressive accumulation strategy. The company had transformed from a business intelligence software firm into effectively a leveraged Bitcoin investment vehicle, with its stock price becoming highly correlated to Bitcoin's movements as investors viewed MicroStrategy equity as a way to gain Bitcoin exposure through traditional brokerage accounts. Saylor's public Bitcoin advocacy through Twitter, media appearances, and educational sessions for other companies had made him one of cryptocurrency's most prominent institutional champions, and MicroStrategy's continued aggressive buying demonstrated unwavering conviction in Bitcoin's long-term appreciation potential.