MicroStrategy, one of the largest bitcoin (BTC) corporate holders, has announced its latest acquisition of the cryptocurrency. The company has purchased an additional 5,262 BTC worth approximately $561 million.
This significant buy shows MicroStrategy’s unwavering commitment to its Bitcoin investment strategy. In its latest purchase, the firm bought the crypto asset at an average price of roughly $106,662, the highest cost the company has ever paid per BTC.
MicroStrategy’s BTC Holdings Exceeds $27.7B
As of December 22, 2024, the BTC giant’s latest addition brings MicroStrategy’s total BTC holdings to a staggering 444,262 BTC. The company’s cumulative investment in bitcoin now exceeds $27.7 billion, with an average purchase price of around $62,257 per coin.
The company funded this purchase through cash reserves and proceeds from a recent stock offering. This stock offering, called the senior convertible note offering, allows the publicly traded firm to offer debt securities to investors in return for cash. These financial instruments can be exchanged for a fixed number of MSTR shares. This approach aligns with MicroStrategy’s ongoing strategy of leveraging equity sales to accumulate more bitcoin.
MicroStrategy’s recent BTC acquisition follows a series of significant purchases made in December. Over the past three weeks, the company has added 42,162 BTC to its holdings, now valued at $4 billion.
MicroStrategy’s ongoing commitment to acquiring bitcoin sets an example for other corporations exploring BTC as a treasury asset. Its decisive actions have established the company as a leader in corporate bitcoin adoption. The recent buy also marks one of the smallest BTC purchases disclosed by MicroStrategy since June and July 2024, when the company acquired 169 BTC.
Saylor Plans to Acquire More BTC
As MicroStrategy solidified its position as one of the largest institutional holders of BTC, the company’s executive chairman, Michael Saylor, pledged to continue buying BTC even at peak prices in early December.
Additionally, Saylor noted he would purchase BTC at a price of $1 million per coin and probably $1 billion a day if BTC reached a million dollars per coin.
