MicroStrategy, a leading business intelligence firm and prominent Bitcoin investor, has made another significant acquisition of the cryptocurrency, purchasing 2,138 BTC for $209 million. The company disclosed this move on December 30, highlighting that the purchase occurred between December 23 and December 29, with an average price of approximately $97,837 per Bitcoin.
This acquisition brings MicroStrategy’s total Bitcoin holdings to over 194,000 BTC, marking a continued commitment to its strategy of accumulating the digital asset. MicroStrategy funded the $209 million purchase by selling 592,987 shares, signaling its ongoing strategy of leveraging its equity to increase its cryptocurrency holdings.
As of December 30, the company reported a 74.1% Bitcoin yield for the year, showcasing strong returns on its investment in the cryptocurrency. In fact, between October 1 and December 29, MicroStrategy’s Bitcoin yield stood at 47.8%. This impressive performance aligns with the company’s long-term Bitcoin investment strategy, which has seen consistent purchasing activity throughout 2023. This latest acquisition is the eighth consecutive week of Bitcoin buys, with MicroStrategy adding a total of 194,180 BTC since October 31.
Despite the volatility surrounding cryptocurrency markets, MicroStrategy’s co-founder and executive chairman, Michael Saylor, remains resolute in his commitment to Bitcoin. Saylor, who has been a vocal advocate for Bitcoin, previously stated that the company would continue acquiring the cryptocurrency, regardless of price fluctuations, and even if the price reaches $1 million per BTC.
In addition to its recent purchase, MicroStrategy has signaled plans to issue more shares to fund further Bitcoin acquisitions. In a December 23 filing with the U.S. Securities and Exchange Commission, the company requested permission to increase its authorized Class A common stock from 330 million shares to a staggering 10.33 billion shares, as well as its preferred stock from five million to over one billion shares. This move would provide MicroStrategy with greater flexibility to issue additional shares whenever needed to fund its Bitcoin-buying spree.
Also Read: Top Bitcoin-Holding Corporations: Who’s Behind the BTC Boom and Microstrategy’s Dominance
MicroStrategy’s bold strategy continues to position it as one of the largest corporate holders of Bitcoin, with its growing portfolio poised to further capitalize on the potential of the digital asset.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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