MicroStrategy (NASDAQ: MSTR) purchased another 18,300 Bitcoin—worth just under $1.1 billion at the time of writing—between August 6 and September 12, the software firm’s founder and Chairman Michael Saylor announced Friday.
The firm—which is famously bullish about Bitcoin and began accumulating the leading cryptocurrency in 2020—purchased the coins at an average price of approximately $60,408 per token, including fees and expenses, as per the SEC filing. That’s slightly higher than the current $58,214 price of Bitcoin, as of this writing.
This is the company’s largest Bitcoin purchase since February 2021, when it purchased 19,452 BTC, selling off $1 billion in debt to fund the buy.
MicroStrategy now holds a total of 244,800 BTC, worth roughly $14.14 billion per CoinGecko. The recent purchases were funded by the sale of 8,048,449 shares of company stock.
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
The firm remains far and away the largest corporate holder of Bitcoin.
MicroStrategy controls roughly 1% of the entire Bitcoin market capitalization, dwarfing the roughly $1.5 billion worth held by miner Marathon Digital Holdings, and the $579 million worth held by Riot Platforms, another Bitcoin mining firm.
The company, which sells business information software, kicked off its strategy of aggressively purchasing Bitcoin in August 2020, when prices fluctuated at around $12,000.
Since then its CEO Michael Saylor has gained a reputation for making bold predictions about the bright future of Bitcoin. Earlier this month, he predicted Bitcoin is going to eventually reach “$13 million over the next 21 years,” in an interview with CNBC.
“Bitcoin is 0.1% of the capital in the world right now,” he added. “I think it’s going to go to 7% of the capital.”
The firm’s strategy has paid dividends so far—the company’s share price has jumped over 800% since it first started acquiring Bitcoin in August 2020, per Google Finance. And its supply of Bitcoin was purchased at an average price of $38,585 per coin, meaning the current price of BTC marks a nearly 51% improvement on the cost to the firm.
MicroStrategy isn’t the only corporation that has been buying Bitcoin this month. Japanese venture capital firm Metaplanet snapped up ¥300 million ($2 million) worth of BTC earlier this month, after first announcing the strategic pivot back in April 2024.
The price of MSTR is up nearly 3% on Friday, according to Google Finance, at a current price of about $134.50.
Edited by Andrew Hayward
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Source: https://decrypt.co/249319/microstrategy-just-bought-another-1-1-billion-bitcoin
