MicroStrategy buys another $786 million worth of Bitcoin, bringing its total holdings to more than $14.6 billion.

MicroStrategy (MSTR) bought another $11,931 Bitcoin (BTC) For $786 million, bringing its total investments in the king of cryptocurrencies to $14.6 billion.

Under the leadership of its pro-bitcoin CEO, Michael Saylor, the Nasdaq-listed software company now owns 226,331 bitcoins, it said.June 20 press release. It is the largest investor in Bitcoin

MicroStrategy calls for BTC to be adopted into corporate treasuries

MicroStrategy’s bitcoins were acquired at an average price of $36,798 each using approximately $8.33 billion. The latest BTC acquisition comes on the heels of an $800 million convertible note offering to institutional investors.

Initially, the offering was scheduled for $500 million, but it raised the amount to $700 million before closing at $800 million.

MicroStrategy acquired an additional 11,931 BTC worth approximately $786.0 million using proceeds from convertible securities and excess cash worth approximately $65,883 per #Bitcoin. As of 06/20/24 $MSTR Number 226,331 $ Bitcoin It was acquired for approximately $8.33 billion at an average price of $36,798 per bitcoin.https://t.co/jE9dGqqnON

– Michael Saylor⚡️ (@saylor) June 20, 2024

The aggressive accumulation of Bitcoin by MicroStrategy began in 2020. Since then, the company, under Saylor’s influence, has called on corporate treasuries to adopt Bitcoin as a reserve asset.

Other companies have since begun to follow in MicroStrategy’s footsteps. Most notable is Semler Scientific, which has added bitcoin as a treasury asset and is trying to tap capital markets to acquire more bitcoins.

TD Cowens increases MSTR goal

The price of MSTR has increased almost tenfold since MicroStrategy started buying BTC 4 years ago. Semler’s stock price also began to rise after the company revealed its first Bitcoin purchases in May of this year.

If MSTR’s bullish phase continues, brokerage firm Bernstein believes it could rise to $2,890, from $1,465 currently.

while, Analysts from TD Cowens MicroStrategy’s stock price could rise “significantly higher” by the end of this year, he said. This prediction comes amid increasing institutional adoption of Bitcoin ETFs (exchange-traded funds).

13-And filings Investment banking giants including Morgan Stanley, UBS and JP Morgan are among 600 companies that have invested $3.5 billion in Bitcoin exchange-traded funds, it showed earlier this year.

Alternative investment firm Millennium Management, which has more than $64 billion in assets under management, has emerged as the largest investor in Bitcoin ETFs worth $1.9 billion.

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