Michael Saylor has been leading MicroStrategy, a company that provides business intelligence, mobile software, and cloud-based services. The company is led by strong advocates for Bitcoin who realized the potential of the currency and took measures to ensure they get on the Crypto train. Michael has also been a critique of the way traditional finance is handled and the various inefficiencies in centralized institutions. He has also integrated blockchain technology to improve MicroStrategy’s existing services.
The company acquired $400 million after selling bonds for its Bitcoin purchase that would go to its treasury. MicroStrategy’s existing 92,079 bitcoins will also be held by a recently formed subsidiary, MacroStrategy LLC. It is important to note that the company has issued bonds worth $1 billion. This important decision was taken after the FED’s displayed reluctance to increase interest rates despite inflation going up. The firm also has a total impairment charge of more than $500 million. This is the first time a company has gone to such lengths to acquire Bitcoin and this is certainly not the last.
MicroStrategy has again blown the world away with a $500 million bond sale, which resulted in a $489 million Bitcoin purchase. This brings the overall amount of Bitcoins that MicroStrategy and MicroStrategy possess to 105,085, with an average purchase price of approximately $26,080 per Bitcoin, which it has spent around $2.4 billion to acquire, along with fees and expenses. This is worth $3,738,199,213 billion at the time of writing this article. At this rate, it is certain that he is not going to back down from making similar purchases in the future, but it seems like he is tied up with other major tasks involving the Bitcoin Mining Council.