MicroStrategy, a leading business intelligence firm, has further expanded its Bitcoin holdings, acquiring over 18,000 BTC. The company, known for its substantial crypto investments, announced this acquisition in a press release dated September 13. MicroStrategy purchased an additional 18,300 Bitcoins for approximately $1.11 billion, averaging $60,408 per BTC. According to the regulatory filing, these purchases occurred between August 6 and September 12.

With this latest transaction, the Virginia-based company now possesses around 244,800 BTC. These holdings were acquired at a total cost of approximately $9.45 billion, with an average purchase price of $38,585 per BTC, including all fees and expenses.

Following the news, MicroStrategy’s shares saw a 0.3% increase in pre-market trading, as indicated by Nasdaq data.

MicroStrategy Controls Over 1% of Bitcoin Supply

This acquisition marks another significant step in MicroStrategy’s Bitcoin purchasing strategy in 2024. Earlier in the year, the firm acquired 12,000 BTC in June and 9,245 BTC in March. As a result, MicroStrategy now holds over 1% of Bitcoin’s fixed supply of 21 million.

In August, the company announced plans to raise up to $2 billion by selling Class A shares to support its cryptocurrency strategy. While the timeline for these sales was not specified, the proceeds are intended for general corporate purposes, including Bitcoin acquisitions. However, MicroStrategy has not disclosed the exact amount of proceeds that will be allocated specifically for Bitcoin purchases.

MicroStrategy has consistently utilized share sales to finance its Bitcoin acquisitions. In late 2023, the company sold $750 million worth of shares with the intention of expanding its Bitcoin holdings. Subsequent reports confirmed that the company made multi-million dollar investments in Bitcoin, underscoring its commitment to a Bitcoin-centric strategy.

For more updates and insights on cryptocurrency, investing, and finance, explore the latest news on Global Crypto News.

Post Views: 6