Business intelligence firm MicroStrategy is continuing its strategy of allocating funds to Bitcoin, with its most recent acquisition totaling over 18,000 BTC. The Virginia-based company, which is one of the largest corporate holders of cryptocurrency globally, made the announcement in a press release on September 13th. The Bitcoins were purchased between August 6th and September 12th at an average price of $60,408 per BTC, amounting to a total of approximately $1.11 billion. MicroStrategy now holds a staggering 244,800 BTC, acquired at an aggregate purchase price of about $9.45 billion, with an average purchase price of approximately $38,585 per BTC, inclusive of fees and expenses.
Following the news, MicroStrategy’s shares rose by 0.3% in pre-market trading, according to Nasdaq data. This latest acquisition is another significant move by the company, which has been actively purchasing Bitcoin throughout 2024. In June, it acquired 12,000 BTC, and in March, it acquired 9,245 BTC. Overall, MicroStrategy now holds over 1% of Bitcoin’s fixed supply of 21 million.
To fund its crypto strategy, MicroStrategy revealed plans in August to raise up to $2 billion by selling Class A shares. However, it did not disclose the timeline for selling these shares. The company stated that the proceeds from the share sales will be used for “general corporate purposes, including the acquisition of Bitcoin.” While it did not specify the exact amount to be used for Bitcoin purchases, MicroStrategy has consistently utilized share sales to fund its acquisitions of the cryptocurrency. In late 2023, the company sold $750 million worth of shares to buy more Bitcoin, and subsequent reports confirmed that it acquired millions of dollars’ worth of the cryptocurrency, further emphasizing its commitment to its Bitcoin-centric strategy.
MicroStrategy’s latest move in allocating funds to Bitcoin reaffirms its belief in the long-term potential of the cryptocurrency. With its substantial holdings and consistent purchasing strategy, the firm is positioning itself as a major player in the crypto market.