Business intelligence company MicroStrategy, led by executive chairman Michael Saylor, has once again made headlines by increasing its Bitcoin holdings. On Friday, Sept. 13, MicroStrategy announced that it acquired an additional 18,300 Bitcoins, spending approximately $1.11 billion. The company paid an average price of $60,408 per BTC in this latest purchase, according to the official regulatory filing.
The acquisition was made between August 6 and September 12, 2024, further solidifying MicroStrategy's position as one of the largest corporate holders of Bitcoin in the world. With this latest purchase, MicroStrategy now holds approximately 244,800 BTC, which were acquired at a cumulative purchase price of around $9.45 billion. The average acquisition cost across all of MicroStrategy’s Bitcoin purchases is now $38,585 per BTC, including fees and expenses.
Following the news, MicroStrategy’s stock price saw a slight increase, rising by 0.3% in pre-market trading, according to Nasdaq data. The company's strategic decision to keep adding Bitcoin to its balance sheet has garnered both attention and scrutiny from investors and industry analysts alike.
MicroStrategy Controls Over 1% of Bitcoin’s Supply
The recent purchase pushes MicroStrategy’s total Bitcoin holdings to more than 1% of Bitcoin’s fixed supply of 21 million. This is a significant milestone for the company, which has consistently made Bitcoin a central part of its corporate strategy since 2020. Earlier this year, MicroStrategy made substantial purchases, acquiring 12,000 BTC in June and 9,245 BTC in March 2024.
In a recent filing, MicroStrategy indicated its intent to raise up to $2 billion by selling Class A shares, with the proceeds possibly directed toward additional Bitcoin purchases. While the exact details of the share sale timeline remain unclear, the company has confirmed that the raised funds will be used for “general corporate purposes, including the acquisition of Bitcoin.”
Long-term Commitment to Bitcoin
MicroStrategy's ongoing Bitcoin accumulation is part of a broader strategy that has seen the company continuously leverage its balance sheet to acquire more of the digital asset. In late 2023, the firm raised $750 million through share sales to fund more Bitcoin purchases. Since then, the company has reported several large acquisitions, signaling a long-term commitment to its Bitcoin-centric approach.
Despite market volatility, MicroStrategy remains bullish on Bitcoin. Michael Saylor has been vocal about his belief in Bitcoin's potential as a hedge against inflation and a store of value. He believes that the company’s strategy will yield long-term benefits, both for shareholders and for the cryptocurrency market as a whole.
With over 244,800 BTC now under its control, MicroStrategy continues to lead the way in corporate Bitcoin adoption, serving as a case study for how companies can integrate digital assets into their financial strategies.
