MicroStrategy (MSTR) has enjoyed several days of stock price gains after it confirmed the purchase of 12,000 BTC for a price of almost $822m. This means the company now owns 205,000 BTC, with a total value of around $15bn at the current market price. Founded in 1989, MicroStrategy operates in the software industry, but the value of its shares is closely linked to its BTC.
MicroStrategy share price climbs as it buys more Bitcoin
Founder Michael Saylor posted on X that the firm made this purchase “using proceeds from convertible notes & excess cash.” He said more institutional investors are considering owning BTC as it gets incorporated into ETFs. Saylor also believes that the halving process to be carried out in April this year will keep demand for the digital currency high.
MSTR’s share price rose 11% on Wednesday, which followed increases in the previous day this week and Friday last week. This is a 68% rise since 6 March, when it announced its debt sale. The stock climbed 180% in 2024, following a 346% rise in 2023.
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MicroStrategy has now completed its offer of 0.625% convertible notes with a due date of 2030. This gave the company net proceeds reaching about $782m, used to buy its new BTC. The company bought almost 16,000 BTC this year, and its share value has risen even faster than digital currency.
