Hamster

Super Trump Coin

Bitcoin

Million

Billion

MicroStrategy (MSTR) bought another 11,931 <a href="https://insidebitcoins.com/news/should-investors-buy-bitcoin-btc-this-week-or-pepe-unchained-pepu" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a> for $786 million, bringing its total investment in the king of cryptos to $14.6 billion.
Under the leadership of its pro-Bitcoin Executive Chairman Michael Saylor, the Nasdaq-listed software firm now holds 226,331 Bitcoins, it said in a June 20 <a href="https://www.microstrategy.com/press/microstrategy-acquires-additional-11931-bitcoins-and-now-holds-226331-btc_06-20-2024" rel="noopener noreferrer nofollow">press release</a>. It is the largest corporate investor in Bitcoin
<img decoding="async" src="https://www.investopedia.com/thmb/Evv5H0j9e0yF4Ry2UFuieaepV8M=/1500x0/filters:no_upscale():max_bytes(150000):strip_icc()/GettyImages-1321733343-4b6bf3be43224734b94c3f32aaeaaa88.jpg" alt="MicroStrategy To Buy More Bitcoin, Plans to Raise $500 Million">
<h2 id="span-style-font-weight-400-microstrategy-advocates-for-btc-adoption-in-corporate-treasuries-span">MicroStrategy Advocates For BTC Adoption In Corporate Treasuries</h2>
MicroStrategy’s Bitcoins were acquired at an average price of $36,798 each using approximately $8.33 billion. The most recent BTC acquisition follows an $800 million convertible note offering to institutional investors.
Initially, the offering was set to be for $500 million, but it raised the amount to $700 million before closing it at $800 million.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 MicroStrategy has acquired an additional 11,931 BTC for ~$786.0M using proceeds from convertible notes &amp; excess cash for ~$65,883 per <a href="https://twitter.com/hashtag/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#bitcoin</a>. As of 6/20/24, <a href="https://twitter.com/search?q=%24MSTR&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$MSTR</a> hodls 226,331 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> acquired for ~$8.33B at average price of $36,798 per bitcoin.<a href="https://t.co/jE9dGqqnON" rel="noopener noreferrer nofollow">https://t.co/jE9dGqqnON</a>
 — Michael Saylor⚡️ (@saylor) <a href="https://twitter.com/saylor/status/1803763490928119950?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 20, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
MicroStrategy’s aggressive accumulation of Bitcoin started in 2020. Since then, the company, under the influence of Saylor, has been advocating for corporate treasuries to adopt BTC as a reserve asset.
Other companies have since started to follow MicroStrategy’s lead. Most notable is Semler Scientific, which has added BTC as a treasury asset and is attempting to utilize capital markets to acquire more Bitcoins.
<h2 id="span-style-font-weight-400-td-cowens-increases-mstr-target-span">TD Cowens Increases MSTR Target</h2>
MSTR’s price has risen roughly ten-fold since MicroStrategy’s BTC purchases began 4 years ago. Semler’s share price has also started to climb after the company disclosed its first BTC purchases in May this year.
Should MSTR’s bullish phase continue, brokerage firm Bernstein believes it could rise to $2,890, from $1,465 currently.
Meanwhile, <a href="https://insidebitcoins.com/news/microstrategy-share-price-may-rise-on-bitcoin-etf-adoption-ethereum-etf-rejection-td-cowen-says" rel="noopener noreferrer nofollow">analysts from TD Cowens</a> said that MicroStrategy’s share price may rise “meaningfully higher” by the end of this year. This prediction comes amid increased institutional adoption of Bitcoin ETFs (exchange-traded funds).
<a href="https://insidebitcoins.com/news/jpmorgan-morgan-stanley-and-ubs-among-more-than-600-firms-invested-in-spot-bitcoin-etfs-filings-show" rel="noopener noreferrer nofollow">13-F filings</a> earlier this year showed that investment banking giants including Morgan Stanley, UBS and JPMorgan are among 600 firms that have invested $3.5 billion into spot Bitcoin ETFs. 
Alternative investment firm Millennium Management, with more than $64 billion in assets under management, emerged as the biggest investor in BTC ETFs with $1.9 billion.
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MicroStrategy Buys Another $786 Million Bitcoin, Bringing Total Holdings To Over $14.6 Billion

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