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<\/p>\nBusiness Intelligence software firm MicroStrategy has announced plans to purchase even more Bitcoin, a move that has brought the firm under the radar of many crypto analysts as the firm\u2019s Bitcoin bank is already off the roof.<\/p>\n
MicroStrategy announced earlier this week that\u00a0it had completed the sale of $500 million in bonds to increase its stash of Bitcoin, adding that it plans to sell up to $1 billion in stock to buy more of the biggest cryptocurrency. MicroStrategy is one of the institutions that sparked the current wave of institutional interest in Bitcoin and cryptocurrency in general after it purchased 21,454 BTC on August 11, 2020, making it arguably one of the powerful BTC bulls in the crypto space.<\/p>\n
MicroStrategy\u2019s Bitcoin holding as of last week was 92,079 bitcoin, worth about $3.6 billion at press time, a figure which is expected to hit $5 billion after the firm’s latest capital raises.<\/p>\n
The bitcoin holding is now described in the company\u2019s filings with the U.S. Securities and Exchange Commission as a key part of the firm\u2019s strategy due to its large size.\u00a0<\/p>\n
The firm\u2019s latest move has however raised a few eyebrows in the crypto space as to whether it is HODLing Bitcoin the right way or just overdoing it in wake of the cryptocurrency\u2019s recent woes.<\/p>\n
MicroStrategy is the world\u2019s largest publicly traded business intelligence company and therefore must have fully grasped the risks associated with Bitcoin before spending that fortune on it. <\/p>\n
However, Bitcoin\u2019s reward over the years looks to outweigh its risks, hence the frenzied interest in it.\u00a0MicroStrategy\u2019s initial purchase of 21,454 BTC in August was worth $250 million at that time and was subsequently followed by other investments which took its BTC Holdings to 70,470 BTC, all of which was purchased at a combined fee of $1.125 billion.<\/p>\n
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The value of the firm\u2019s BTC holdings in\u00a0December rose to $2.4 billion, signaling a growth of over 100%. The value of the firm’s BTC holding further rose to $3.6 billion in February this year, more than double of what it spent on its Bitcoin purchase.<\/p>\n
MicroStrategy (MSTR) shares also rose to 15.9% in the last trading session to close at $598.49 following the company\u2019s Form S-3 Registration Statement filed with the SEC. The filing will see the firm offer, issue, and sell up to $1 billion worth of class A shares of the company of which net proceeds will be used to purchase additional Bitcoin as well as other general corporate purposes.<\/p>\n
Although MicroStrategy\u2019s Bitcoin quest seems to be excessive, the avail on every purchase explains its current stance.<\/p>\n