MicroStrategy just bought another $1.1 billion worth of Bitcoin amid market volatility
MicroStrategy stock jumped nearly 2.42% to $133.2 on Friday shortly after the company acquired another 18,300 Bitcoins for nearly $1.1 billion.
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
According to a SEC filing on Friday, the company purchased an extra 18,300 BTC for roughly $1.11 billion, or an average price of $60,408 per Bitcoin, between August 6 and September 12. With this recent purchase, the business intelligence firm and corporate bitcoin holder MicroStrategy now holds a total of 244,800 Bitcoins purchased at an average price of $38,585 per bitcoin, a total cost of around $9.45 billion including fees and expenses.
The most recent bitcoin acquisition by MicroStrategy comes after the company bought 12,222 BTC for $805 million in August and unveiled a new KPI for its Bitcoin strategy at the same time.
As part of its current business strategy, MicroStrategy, which was founded by former dot-com entrepreneur Michael Saylor, has long supported Bitcoin. With the acquisition of an additional 25,250 Bitcoin in the first quarter of 2024, the company raised $1.5 billion through two convertible note debt offerings, increasing its total holdings to 214,400 Bitcoin, which is estimated to be worth $13.6 billion.
Saylor, who left his position as CEO of the firm a few years ago, has declared in the past that he will "buy Bitcoin forever." Having predicted enormous price tags for the asset of up to $13 million per one, he has emerged as one of the most well-known Bitcoin bulls.
This week, Metaplanet, a publicly traded investment and advisory firm in Japan, also increased its stake in Bitcoin by contributing more funds to the cryptocurrency's acquisition. The Tokyo-listed firm, which is still very optimistic about the world's biggest cryptocurrency, recently bought 38.464 more bitcoin for about $300 million yen ($2 million).
The company was dubbed "Asia's MicroStrategy" due to the similarities between Metaplanet's aggressive Bitcoin purchases and MicroStrategy's 2020 market debut.
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