- MicroStrategy acquired 18,300 BTC for $1.11 billion between August and September.
- Total Bitcoin holdings are now approximately 244,800 BTC, worth around $14.14 billion.
MicroStrategy Inc. (NASDAQ: MSTR), a leading business intelligence and software firm, has significantly bolstered its Bitcoin portfolio with the acquisition of approximately 18,300 BTC. Between August 6 and September 12, 2024, the company invested $1.11 billion at an average price of $60,408 per Bitcoin, including fees and expenses. The purchase was disclosed in a recent Form 8-K filing with the United States Securities and Exchange Commission (SEC).
Under the leadership of CEO Michael Saylor, MicroStrategy has consistently increased its Bitcoin holdings since its initial purchase on August 11, 2020. The latest acquisition raises the firm’s total Bitcoin holdings to about 244,800 BTC, valued at approximately $14.14 billion. Since August 2020, MicroStrategy’s average purchase price for Bitcoin stands at $38,585 per BTC, representing a cumulative investment of around $9.45 billion.
Moreover, the funding for this recent Bitcoin buy came from a share issuance, with MicroStrategy selling 8,048,449 shares under a sales agreement completed on August 1. The $1.11 billion raised from this sale was directly allocated to expanding the firm’s Bitcoin reserves.
MicroStrategy’s Bold Move
MicroStrategy’s aggressive Bitcoin strategy has drawn both acclaim and scrutiny. As of August 10, 2024, the company’s Bitcoin holdings were valued at $13.77 billion, yielding unrealized profits of $5.39 billion. The firm’s stock has surged by approximately 1,000% since August 2020, far outpacing the S&P 500 index.
The move underscores MicroStrategy’s commitment to its Bitcoin-centric strategy amidst fluctuating market conditions and investor caution regarding traditional equities. With valuations soaring in 2024, investors are increasingly exploring high-potential opportunities in the cryptocurrency space.
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