MicroStrategy co-founder and executive chairman Michael Saylor has announced the company’s purchase of an additional 18,300 Bitcoin worth $1.11 billion. This further cements the firm’s position as the world’s largest corporate BTC holder. Its current Bitcoin stash totals 244,800 BTC.
MicroStrategy has acquired 18,300 BTC for ~$1.11 billion at ~$60,408 per #bitcoin and has achieved BTC Yield of 4.4% QTD and 17.0% YTD. As of 9/12/2024, we hodl 244,800 $BTC acquired for ~$9.45 billion at ~$38,585 per bitcoin. $MSTR https://t.co/WBBRSKxA1U
— Michael Saylor⚡️ (@saylor) September 13, 2024
MicroStrategy Boosts BTC Portfolio
MicroStrategy has consistently funded its Bitcoin purchases through share sales. In late 2023, the company raised $750 million by selling shares, intending to allocate these funds toward additional Bitcoin acquisitions.
In August, MicroStrategy announced plans to raise $2 billion by selling Class A shares. The proceeds will be used for general corporate purposes, including further Bitcoin acquisitions. Although the exact timeline for the share sale remains undisclosed, the company’s commitment to its BTC purchasing strategy is clear.
MicroStrategy funded its latest Bitcoin acquisition through the announced share sale facilitated by multiple financial institutions, effective August 1. The sales proceeds enabled the company to raise sufficient capital.
MicroStrategy sold over 8 million shares under the agreement and generated approximately $1.11 billion. The raised funds were directly invested in expanding the company’s Bitcoin holdings. Between August 6 and September 12, the Virginia-headquartered company acquired 18,300 BTC at an average price of $60,408.
Other Corporations Trail MicroStrategy
Following MicroStrategy’s previous acquisitions of 12,000 BTC in June and 9,245 BTC in March, it is notable that the company’s total Bitcoin holdings are over 1% of the crypto’s fixed supply of 21 million. Its Bitcoin investment value has increased by 17% year to date (YTD), further solidifying its position in the crypto market.
This financial growth spurred by Bitcoin investment may have intrigued other firms like the Japan-based investment company Metaplanet, as they are already imitating MicroStrategy’s buying pattern. The Japanese firm acquired 38.4 BTC for $2.1 million and 20 BTC for $1.2 million, showing its commitment to building a significant Bitcoin holding.
In recent months, Semler Scientific, a medical company, has also expanded its Bitcoin holdings. The company invested $40 million in 654 BTC in May, followed by a $17 million purchase of 247 BTC in June. Last month, it added 81 BTC to its holdings for $5 million, showing its commitment to diversify its assets and invest in Bitcoin.
