Michael Saylor, the founder of Microstrategy, announced that the company recently acquired an additional 12,000 Bitcoin tokens. They are worth $821.7 million collectively, with every token accounting for a value of ~$68,447. This brings the total BTC holding of MicroStrategy to 205,000, effective March 10, 2024, according to the Form 8-K made public by the company.

The value of the total holding is ~$6.91 billion in terms of acquisition. The book value comes to ~$14.7 billion. The average price of BTC is $33,706.

Accumulating more BTC tokens aligns with MicroStrategy’s mission of expanding its Bitcoin portfolio. The latest acquisition is backed by convertible notes and excess cash, coming at a time when the share price has skyrocketed by 10% and is listed in the market at $1,560 in pre-market trading. The rise in the share price is credited to the surge in the valuation of BTC.

For reference, BTC is exchanging hands at $72,160.08, with a surge of 0.79% in the last 24 hours. It further reflects a jump of 8.02% in the previous seven days and 51% in the last 30 days. MicroStrategy is driven by Saylor’s Bitcoin advocacy, which the community is happy about.

Members of the Bitcoin community are actually supporting the firm’s accumulation. Some have highlighted that the company is behind by only 5,000 tokens to own 1% of Bitcoin. They have urged Michael to make it happen before the Halving event. Bitcoin Halving is tentatively scheduled to happen in the middle of April 2024. If trends are anything to go by, then MicroStrategy will certainly add more tokens in the next month. It just remains to be seen when Saylor will announce further acquisitions.

Some community members are participating in a series of jokes, saying that Saylor should, for the sake of Satoshi, leave something for other members too.

Michael’s support for Bitcoin stems from the token being globally accessible. Hence, it poses higher opportunities than others, such as equity, gold, and real estate. He also believes in BTC because it is digital, useful, and ethical for billions of people worldwide.

MicroStrategy had previously announced raising $600 million to buy more BTC tokens. The idea was to add 193,000 Bitcoins to the stock. This dates back to the initial days of March 2024. While the plan to have more Bitcoin stayed intact, the number fluctuated a bit to meet the rising standard price in the market.

MicroStrategy had made it clear that the funds it was raising from the market would be utilized to acquire additional Bitcoin along with general corporate purposes.

Bitcoin rallying above the $70k mark could be because of such buying pressure from investors.

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