As a seasoned crypto investor with a knack for spotting trends and staying ahead of the curve, I find MicroStrategy’s relentless Bitcoin acquisition strategy nothing short of inspiring. This company has been consistently demonstrating faith in the future of digital assets, much like a doggedly optimistic gold-rush prospector staking his claim on uncharted territories.
The data analysis company, MicroStrategy, is persisting with its Bitcoin investment approach by purchasing approximately 18,000 Bitcoins.
On Friday, September 13th, MicroStrategy, a significant global holder of cryptocurrency by corporations, revealed in a press statement that it had purchased an additional 18,300 Bitcoins, worth approximately $1.11 billion. The average price per Bitcoin was around $60,408. According to the company’s financial filing, these Bitcoins were acquired between August 6th and September 12th.
The Virginia-based company now possesses about 244,800 Bitcoins following its recent transaction. These Bitcoins were purchased for a total cost of approximately $9.45 billion, averaging around $38,585 per Bitcoin, taking into account fees and expenses. This information is outlined in the company’s filing.
In the pre-market hours, shares of MicroStrategy experienced a slight increase of 0.3%, as indicated by data from Nasdaq, after the latest news was released.
MicroStrategy controls over 1% of Bitcoin
In 2024, this latest transaction represents another substantial purchase of Bitcoin by the company, coming after they acquired 12,000 BTC in June and 9,245 BTC in March. The organization now owns more than one percent of the total fixed supply of 21 million Bitcoins.
By August, MicroStrategy announced intentions to procure approximately $2 billion through the sale of Class A shares, with the funds earmarked for implementing its cryptocurrency strategy. The specific timeframe for this share sale remains undisclosed, but the filing suggests that the revenue will be allocated towards various corporate objectives, including the purchase of Bitcoin.
As an analyst, I can share that the company has yet to disclose the exact portion of the earnings earmarked for Bitcoin acquisitions. They’ve mentioned that they have not decided on the specific allocation of their net proceeds towards any particular purpose at this time.
MicroStrategy has routinely utilized share disposals as a means for financing its Bitcoin investments. Toward the end of 2023, the company offloaded shares amounting to $750 million to acquire more Bitcoin. Later reports verified sizable purchases of the cryptocurrency, further demonstrating its dedication to its strategy heavily focused on Bitcoin.
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2024-09-13 16:10