Amid the heightened demand for Bitcoin (BTC) fueled by some of the largest financial institutions on Wall Street, MicroStrategy Inc. (NASDAQ: MSTR) has continued to make palpable waves. On Monday during the early New York session, MicroStrategy announced that it has completed its previous offering with an $800 million due in 2030 with an annual interest rate of 0.625 percent.
MicroStrategy quickly converted the funds into Bitcoin to continue with its long-term investment plan. According to the announcement, MicroStrategy has added 12,000 Bitcoins worth about $821.7 million using the proceeds from the offering and its excess cash reserves.
As a result, MicroStrategy now holds 205,000 BTCs, which were acquired for about $6.91B at an average price of $33,706 per Bitcoin.
MicroStrategy Thrives on Bitcoin Strategy
With Bitcoin price in the price discovery phase of the macro bull run, MicroStrategy has seen its stock market rally exponentially to a new multi-year high. MicroStrategy stock consolidated since the end of the internet bubble in early 2000 and began a fresh rally after adopting its Bitcoin trading plan.
According to the latest market data, MicroStrategy is now worth over $24 billion, with its stock market up by over 500 percent in the past year.
Bitcoin Rallies on Increases Whale Demand
The heightened cash inflows to the Bitcoin investment products led by spot Bitcoin ETFs have fueled the ongoing bullish outlook. As of this writing, Bitcoin price has gained more than 3 percent to trade at about $72,000. Consequently, most crypto analysts have revised their Bitcoin targets upward for this bull cycle.
Moreover, Bitcoin price has rallied above its prior all-time high around 40 days from the fourth halving. Previously, Bitcoin price revisited its ATH almost six months after the halving event.