![MicroStrategy Now Holds Over 100K in BTC Following 13,005 BTC MicroStrategy Now Holds Over 100K in BTC Following 13,005 BTC Purchase](https://thecryptomagic.com/wp-content/uploads/2021/06/MicroStrategy-Now-Holds-Over-100K-in-BTC-Following-13005-BTC-678x381.jpg)
MicroStrategy has made good on its promise to use the funds raised by selling $500 million in senior secured notes.
The Business intelligence company now owns more than 100,000 Bitcoins worth upwards of $3 billion according to the official announcement. The company spent around $489 million to buy an additional 13,005 tokens in its most recent major purchase of BTC. In premarket trading, however, shares of MicroStrategy were down almost 7%, around the same as the price of bitcoin itself. Shares over the last 12 months, however, are up around 400%. Shares hit a 52-week high on February 9, passing the $1,300 mark.
The average purchase price for the bitcoin that MicroStrategy currently owns sits at $26,080. That figure includes all fees.
MicroStrategy continues to invest heavily in bitcoin
In the last 12 months, MicroStrategy has gone from a company that nobody really knew to one that we are reporting on weekly. The reports mostly surround their constant fundraising ventures, then turning right around dropping massive amounts of money on bitcoin. The driving force behind these mega-purchases has been MicroStrategy’s Chairman and CEO, Michael Saylor.
He has become one of the more well-known and vocal supporters of bitcoin and is truly putting his money where his mouth is. Well, somebody’s money.
While Saylor and MicroStrategy continue to buy, some are skeptical about the viability of that business model. Marc Lichtenfeld, Chief Income Strategist at the Oxford Club, has spoken out multiple times against MicroStrategy and the direction Saylor is taking the company.
“The $400 million in debt isn’t being used to fund an acquisition or growth. It’s being used to speculate on a volatile asset,” Lichtenfeld said in an interview with Bloomberg.
In a recent sit-down with CNBC, Saylor defended MicroStrategy’s relentless pursuit of buying more bitcoin. “You’re going to want to build your buildings on a solid footing of granite, so bitcoin is made to last forever — high integrity, very durable.”
MicroStrategy is far from done adding to their bitcoin holdings and recently announced their plan to sell $1 billion of stock to fund future purchases. Saylor says that the money would also be used to retire debt and to cover general corporate purchases.
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