Strategy's $1.99B Bitcoin Purchase Part of $42B Plan

MicroStrategy, now known as Strategy, recently purchased an additional 20,356 Bitcoins for approximately $1.99 billion, at an average price of $97,514 per Bitcoin using proceeds from a $2 billion convertible bond sale. This acquisition brings their total Bitcoin holdings to 499,096 BTC, valued at about $47.62 billion and maintains their status as a major corporate Bitcoin holder. The purchase is part of their '21/21 Plan', aiming to raise $42 billion over the next three years to invest in Bitcoin. The announcement caused Bitcoin's price to rise significantly, with trading volumes increasing on major exchanges, indicating heightened investor confidence. Michael Saylor, MicroStrategy's founder, remains bullish on Bitcoin's future, suggesting its potential to reach $13 million by 2045, influencing short-term market sentiment and trading activity. Despite some skepticism about the long-term value, Saylor's aggressive strategy reflects a strong belief in Bitcoin's role as a hedge against inflation and a valuable asset.