MicroStrategy has significantly expanded its Bitcoin portfolio, purchasing approximately $1.1 billion worth of Bitcoin.
MicroStrategy has significantly expanded its Bitcoin portfolio, purchasing approximately $1.1 billion worth of Bitcoin. This represents the largest Bitcoin acquisition by the company since February 2021.
In a filing with the Securities and Exchange Commission on Friday, the business intelligence firm announced it acquired an additional 18,300 Bitcoin between August 6 and September 12, 2024.
MicroStrategy paid an average of $60,408 per Bitcoin, inclusive of fees and expenses. The latest acquisition brings MicroStrategy's holdings of Bitcoin to 244,800 BTC, or approximately $14.14 billion in value.
That strategy, since August 2020, has enabled the enterprise to become the largest corporate holder of Bitcoin, holding about 1% of all Bitcoin market capitalization.
The latest acquisition was financed by selling 8,048,449 shares of the company's stock. To date, it has been a pretty profitable move-the stock price of the company has rocketed over 800% since announcing its Bitcoin buying spree.
Michael Saylor, the founder and chairman of MicroStrategy, recently appeared on CNBC, stating: Bitcoin could be as high as "$13 million over the next 21 years" because of the possible capture of more global capital.
So far, the company's investment in Bitcoin has paid off, with its average acquisition cost of $38,585 per coin representing nearly a 51% gain at current prices. News of the latest purchase sent shares of MicroStrategy stock up 8.18% on Friday, closing at $141.47 per share.
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