MicroStrategy Buys 18,300 more BTC for $1B

MicroStrategy, a business intelligence firm, is acquiring more than 18,000 BTC as part of its ongoing Bitcoin allocation strategy

MicroStrategy, one of the world’s largest corporate crypto holders, stated in a press release on Friday, September 13, that it had acquired an additional 18,300 Bitcoins for an estimated $1.11 billion at an average price of $60,408 per BTC.

The corporation acquired Bitcoin between August 6 and September 12, as indicated in the regulatory filing.

In the most recent transaction, the Virginia-based company acquired approximately 244,800 BTC, which were acquired at an aggregate purchase price of roughly $9.45 billion and an average purchase price of approximately $38,585 per BTC, inclusive of fees and expenses, according to the filing.

As indicated by Nasdaq data, MicroStrategy’s shares increased by 0.3% in pre-market trading after the announcement.

MicroStrategy controls over 1% of Bitcoin

This purchase represents the company’s third substantial Bitcoin acquisition in 2024, following its acquisition of 12,000 BTC in June and 9,245 BTC in March.

The company currently possesses over 1% of the 21 million Bitcoins that are part of the fixed supply.

MicroStrategy announced in August that it intended to raise $2 billion by selling Class A shares to finance its crypto strategy.

Although the precise timeline for the sale of these shares was not disclosed, the filing indicates that the proceeds will be allocated to “general corporate purposes, including the acquisition of Bitcoin.”

The company did not specify the percentage of the proceeds allocated to Bitcoin purchases, stating that it has not yet determined the exact quantity of net proceeds that will be used for a specific purpose.

MicroStrategy has consistently utilized share sales to finance its Bitcoin acquisitions. The corporation sold $750 million in shares in late 2023 to purchase additional Bitcoin.

Subsequent reports verified the cryptocurrency’s multi-million-dollar acquisitions, reaffirming its dedication to its Bitcoin-centric strategy.