MicroStrategy Acquires Over 1 Billion Worth of 18300 BTC
Business intelligence company MicroStrategy has expanded its Bitcoin holdings with the acquisition of over 18,000 BTC. The Virginia-based firm, known as one of the largest corporate holders of cryptocurrency, purchased the additional Bitcoins for approximately $1.11 billion, at an average price of $60,408 per BTC. According to regulatory filings, the acquisition took place between August 6 and September 12. With this latest transaction, MicroStrategy now holds approximately 244,800 BTC, acquired at an aggregate purchase price of around $9.45 billion and an average purchase price of $38,585 per BTC, inclusive of fees and expenses.
The news of the acquisition resulted in a 0.3% increase in MicroStrategy’s shares during pre-market trading, according to Nasdaq data. This purchase is the company’s third significant acquisition of Bitcoin in 2024, following a 12,000 BTC purchase in June and a 9,245 BTC acquisition in March. With these recent purchases, MicroStrategy now owns over 1% of the fixed supply of 21 million Bitcoins.
In August, MicroStrategy announced plans to raise up to $2 billion through the sale of Class A shares to support its crypto strategy. The company has not disclosed the exact timeline for selling these shares, but the proceeds will be used for general corporate purposes, including Bitcoin acquisitions. However, the company has not specified the exact amount of net proceeds that will be allocated for Bitcoin purchases.
MicroStrategy has consistently used share sales to finance its Bitcoin acquisitions. In late 2023, the company sold $750 million worth of shares with the intention of increasing its Bitcoin holdings. Subsequent reports confirmed that the company made multi-million dollar Bitcoin acquisitions, reinforcing its commitment to its Bitcoin-focused strategy.
