MicroStrategy continues its investment in cryptocurrency by purchasing 7,420 Bitcoin between September 13 and 19, 2024.

Latest Bitcoin Purchases

MicroStrategy acquired 7,420 Bitcoin for approximately $458.2 million, at an average price of $61,750 per Bitcoin. As a result, the company now holds 252,220 Bitcoin, having spent around $9.9 billion. At current prices, this makes their Bitcoin assets worth close to $16 billion, granting them an unrealized profit of around $6 billion.

Financing the Acquisition

MicroStrategy expanded its note offering to $1.01 billion, increasing from the previously planned $700 million. A significant portion of the proceeds was used to acquire more Bitcoin. Other companies, such as Marathon Digital and Semler Scientific, have also issued debt to purchase Bitcoin, but none have matched MicroStrategy's level of investment.

Bitcoin as a Treasury Asset

MicroStrategy first ventured into Bitcoin in August 2020, making the cryptocurrency a core part of its capital allocation strategy. Since then, the firm has consistently increased its Bitcoin holdings. The company's stake in Bitcoin has also positively impacted its shares, which have more than doubled in one year and are trading at $145.27 at the time of writing.

MicroStrategy's recent purchases further strengthen its leadership in the Bitcoin market, with more investments in cryptocurrency likely in the future.