By Bitcoin.com - 8 months ago - Reading Time: 2 minutes
Microstrategy Increases Bitcoin Holdings to 152,800 BTC — Plans to Buy More With $750 Million Stock Sales
Nasdaq-listed Microstrategy has disclosed that it now holds 152,800 bitcoins, acquired for $4.53 billion. A total of 12,800 bitcoins were acquired in the second quarter. The company also revealed that it plans to buy more bitcoin with proceeds from sales of its common stock of up to $750 million.
Microstrategy Boosts Bitcoin Holdings to 152,800 Coins
Microstrategy (Nasdaq: MSTR) released its second-quarter financial results on Tuesday. The company revealed that it acquired 12,800 bitcoins during Q2 for $361.4 million, or $28,233 per BTC. As of July 31, it held 152,800 bitcoins, acquired for a total cost of $4.53 billion, or $29,672 per BTC.
Michael Saylor, Microstrategy’s founder and executive chairman, tweeted Tuesday:
In July, Microstrategy acquired an additional 467 BTC for $14.4 million and now holds 152,800 BTC.
Prior to the latest acquisition of 467 BTC, Microstrategy acquired 12,333 bitcoins between April 29 and June 27, as previously reported.
Microstrategy is also building Lightning Rewards, which the company described as “an enterprise platform that incentivizes employees and customers to take certain actions and rewards them with satoshis instantly.” The company aims to make Lightning Rewards available in Q3.
$750M Agreement and a Plan to Buy More Bitcoin
The Nasdaq-listed company has also executed a plan to buy more bitcoin. In its filing with the U.S. Securities and Exchange Commission (SEC), Microstrategy explained that it has entered into a sales agreement with three companies to sell shares of its class A common stock “having an aggregate offering price of up to $750,000,000 from time to time.”
Regarding the use of proceeds, the company detailed in its filing:
We intend to use the net proceeds from this offering for general corporate purposes, including the acquisition of bitcoin and working capital, and, subject to market conditions, for the repurchase or repayment of our indebtedness.
At the time of writing, bitcoin is trading at $29,435, up over 77% year-to-date.
What do you think about Microstrategy holding 152,800 bitcoins and planning to buy more? Let us know in the comments section below.
Original source: Bitcoin.com