![MicroStrategy buys 7M worth of Bitcoin amid market thaw MicroStrategy buys 7M worth of Bitcoin amid market thaw](https://i0.wp.com/images.cointelegraph.com/images/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDYvN2RiODE2N2EtNTJlNS00MTE1LTkxZDQtYjNkMTBjZWQ2N2M0LmpwZw==.jpg?fit=%2C&ssl=1)
On June 28, software analyst firm MicroStrategy Announce The company purchased 12,333 bitcoins (BTC), worth $347 million at press time. After the transaction, the total balance of BTC owned by MicroStrategy increased to 152,333 coins ($4.52 billion), with an average purchase price of $29,668 per coin.
The total average purchase price was close to the $28,136 purchase price disclosed in the day’s announcement. The tokens were purchased between April 27 and June 27. The purchase was partly financed by issuing new shares, the company wrote:
“On May 1, 2023, MicroStrategy entered into, as sales agents, Cowen and Company, LLC and Canaccord Genuity LLC a sale agreement pursuant to which MicroStrategy may issue and sell shares of its Class A common stock, par value $0.001 each (” Shares”), from time to time through a nominee, for an aggregate offering price of up to $625 million.
As of June 28, MicroStrategy has issued and sold a total of 1,079,170 shares pursuant to the agreement for total net proceeds of $337 million. Cointelegraph previously reported on April 5 that MicroStrategy had added 1,045 BTC ($29.3 million) to its balance sheet. The firm is led by Michael Saylor, who has been an outspoken advocate for bitcoin and has spearheaded the push for corporate adoption of the world’s largest cryptocurrency by market capitalization as a strategic asset.
During the cryptocurrency bear market, MicroStrategy has been aggressively using cash and stock financing to buy bitcoin, sometimes regardless of its current price. In the first quarter of 2023, the company reported its first profitable quarter since 2020 thanks to a one-time income tax benefit.
DCA works.
— CZ Binance (@cz_binance) June 28, 2023
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