MicroStrategy Now Holds 1% of Bitcoin Supply After $600 Million Purchase

Bittime - MicroStrategy, a business analytics company, disclosed the acquisition of an additional 9,245 Bitcoins, announced by co-founder and Executive Chairman Michael Saylor on Tuesday. 

This latest purchase, reported to the United States Securities and Exchange Commission ( SEC ), increased MicroStrategy's Bitcoin holdings to 214,245 BTC, worth approximately $13.6 billion—representing more than 1% of Bitcoin's total supply.

Even before this acquisition, MicroStrategy was already outpacing its competitors in Bitcoin holdings, with holdings of around 205,000 BTC.

Purchase Details and Average Price

"MicroStrategy has acquired an additional 9,245 BTC for $623.0 million using proceeds from convertible notes and excess cash at a price of $67,382 per Bitcoin," Saylor tweeted. 

“As of 3/18/24, $MSTR held 214,246 $BTC acquired for $7.53 billion at an average price of $35,160 per Bitcoin.”

Last week, Saylor announced MicroStrategy's intention to sell more than $500 million in convertible senior notes to institutional investors, with the proceeds earmarked for further Bitcoin purchases.

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Bitcoin Flash Crash on Bitmex Affects MicroStrategy Purchases

However, Saylor's bullish announcement coincided with Bitcoin's flash crash on the Bitmex exchange, causing a temporary decline in the market. The flash crash reduced the value of MicroStrategy's latest purchase to about $581.2 million, down 6.71% from the $623 million previously announced.

Bitcoin suffered an 80% drop on cryptocurrency exchange Bitmex on Tuesday morning, briefly dropping below $9,000 before quickly rebounding to $67,000 ten minutes later. BitMex has launched an investigation into the incident.

BTC Price Today

Source: Bittime 

Based on the Bittime market today, March 20 2024, the price of BTC was observed to have decreased by 5.37 percent in the last 24 hours. Currently the price of BTC to IDR is IDR 991,506,656 .

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MicroStrategy Has No Plans to Sell Bitcoin Holdings

While Saylor has not directly addressed the flash crash , he has consistently emphasized that MicroStrategy has no plans to sell its Bitcoin holdings, calling the digital asset an “exit strategy.”

"Bitcoin is an exit strategy, it's the strongest asset, so what we're seeing now is Bitcoin is just emerging as a trillion-dollar asset class. And that's on par with names like Apple, Google and Microsoft," Saylor said in a Bloomberg interview in month February. "Therefore, there is no reason to sell winners to buy losers."

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How to Buy Bitcoin (BTC) on Bittime

You can buy and sell  Bitcoin (BTC)  in an easy and safe way via  Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Bitcoin (BTC)  is available on Bittime with  the market pair BTC/IDR . To be able to buy  BTC IDR  at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn  the complete guide on how to buy Bitcoin (BTC) on Bittime . 

Monitor price  chart movements for Bitcoin (BTC ) ,  Ethereum (ETH) ,  Solana (SOL)  and other cryptos to find out today's crypto market trends in real-time on Bittime. 

Also read:

MicroStrategy Thirsty & Buys $600 Million in Bitcoin, Will Other Investors Follow?

Bitcoin Reverses Direction to $65,000, Investors Watch Risks of Fed Decision

What is Bitcoin Halving and How Does It Affect Bitcoin?

DISCLAIMER:  This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.