MicroStrategy (NASDAQ: MSTR) purchased an additional 18,300 Bitcoin between Aug. 6 and Sept. 12, worth just under $1.1 billion as of press time, the software company's founder and chairman, Michael Saylor, announced on Friday.
The firm has been bullish on Bitcoin and famously began accumulating the leading cryptocurrency in 2020, buying the coin at an average price of about $60,408 per token, including fees and expenses. According to an SEC filing:This is slightly higher than Bitcoin’s current price of $58,214 at the time of writing.
This marks the company's largest Bitcoin purchase since purchasing 19,452 BTC in February 2021, and selling $1 billion in debt to fund the purchase.
MicroStrategy currently holds a total of 244,800 BTC, valued at approximately $14.14 billion. From CoinGeckoThe recent purchase was funded by the sale of 8,048,449 shares of the company's stock.
MicroStrategy acquired 18,300 BTC at approximately $60,408 per share for approximately $1.11 billion. #Bitcoin BTC yield achieved 4.4% quarterly and 17.0% yearly. As of September 12, 2024, I hold 244,800. $BTC It was acquired for approximately $9.45 billion at approximately $38,585 per Bitcoin. $MSTR https://t.co/WBBRSKxA1U
— Michael Saylor ⚡️ (@saylor) September 13, 2024
The company remains the largest holder of Bitcoin.
MicroStrategy controls roughly 1% of Bitcoin's total market capitalization, far more than the roughly $1.5 billion held by miner Marathon Digital Holdings and the $579 million held by another bitcoin mining company, Riot Platforms.
The company, which sells business intelligence software, began an aggressive bitcoin buying strategy in August 2020, when the cryptocurrency's price was fluctuating around $12,000.
Since then, the company's CEO, Michael Saylor, has gained a reputation for making bold predictions about Bitcoin's bright future. Earlier this month, He predicted Bitcoin will eventually hit $13 million in the next 21 years CNBC.
“Bitcoin currently represents 0.1% of the world's capital,” he added. “I think it will reach 7% of capital.”
The company's strategy has paid off so far, with its shares up more than 800% since it began acquiring Bitcoin in August 2020. From Google FinanceAdditionally, the company's Bitcoin supply was purchased at an average price of $38,585 per coin, with the current BTC price representing an improvement of roughly 51% over its cost to the company.
MicroStrategy isn't the only company buying Bitcoin this month: Japanese venture capital firm Metaplanet bought 300 million yen ($2 million) worth of BTC earlier this month. After the initial announcement A strategic shift took place in April 2024.
MSTR prices rose about 3% on Friday. According to Google Finance, current price is around $134.50.
Editor: Andrew Hayward
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