MicroStrategy’s business intelligence company is continuing its Bitcoin allocation plan by buying more than 18,000 BTC
MicroStrategy, one of the biggest companies in the world that holds crypto, said in a news release on Friday, September 13, that it bought an extra 18,300 Bitcoin for about $1.11 billion, or $60,408 per BTC on average. The regulatory statement says the business bought Bitcoin between August 6 and September 12.
The company based in Virginia now has about 244,800 Bitcoins. According to the report, These were bought for about $9.45 billion, or about $38,585 per Bitcoin, including fees and other costs.
Nasdaq data shows that MicroStrategy stock went up 0.3% in pre-market trade after the news.
Over 1% of Bitcoin is owned by MicroStrategy.
This is the third big Bitcoin buy the company has made in 2024. The first two were 12,000 BTC in June and 9,245 BTC in March. The company now has more than 1% of the 21 million Bitcoins that will ever be made.
In August, MicroStrategy planned to sell up to $2 billion of Class A shares to get money for its crypto strategy. The date these shares sold wasn’t given, but the filing says the funds will be used for “general corporate purposes, including the acquisition of Bitcoin.”
The business didn’t say how much money will be used to buy Bitcoin because it hasn’t decided how much net proceeds will be “used specifically for any particular purpose.”
MicroStrategy has always bought Bitcoin with money from the sales of shares. The company sold $750 million in shares at the end of 2023 to buy more Bitcoin. Later reports confirmed that the cryptocurrency had been bought for millions of dollars, which showed that it was still committed to its Bitcoin-centered plan.