Community post
MicroStrategy stacks another 29,646 BTC
This morning MicroStrategy, Michael Saylor's software company, published a press release announcing the purchase of 29,646 BTC for approximately $650M. This round of purchasing is likely funded by MicroStrategy's recent capital raise, where convertible bonds were offered to private investors with a yield of 0.75% interest per year. The company now owns a total of 70,470 BTC. Wow!
image from MicroStrategy press release
The press release mentions terms like "capital allocation strategy" and "Treasury Reserve Policy". We know their current playbook is pretty simple: stock buybacks and stacking Bitcoin. So as the software business keeps raking in cash, it will continue being pumped into Bitcoin.
It seems investors are liking this strategy. Buying 120 per share to $300 per share.
MicroStrategy and Michael Saylor are paving the way, giving investors opportunities to get some skin in the cryptocurrency game. These moves legitimize Bitcoin and make it easier for institutions to jump in. We are all thinking: the year 2021 will blow our minds.
Here's the full text of the press release:
https://www.microstrategy.com/en/company/company-videos/microstrategy-announces-over-1b-in-total-bitcoin-purchases-in-2020
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