In a bold move reflecting its unshakable confidence in Bitcoin, software intelligence giant Microstrategy Inc. (Nasdaq: MSTR) revealed it had splurged $1.11 billion on 18,300 bitcoins between August 6 and September 12, 2024. This latest acquisition catapults the company’s total Bitcoin stash to an impressive 244,800 BTC, accumulated at a staggering cost of approximately $9.45 billion.
Microstrategy’s Executive Chairman, Michael Saylor, took to X to celebrate the milestone, showcasing the company’s aggressive strategy to leverage the cryptocurrency’s potential. The purchases were facilitated through a sales agreement inked on August 1, which allowed Microstrategy to offload up to $2 billion in shares. By September 12, 2024, the company had successfully raised $1.11 billion from selling 8,048,449 shares.
This strategic move underscores Microstrategy’s continued reliance on equity sales as a means to fuel its Bitcoin acquisition strategy. The company’s filings with the U.S. Securities and Exchange Commission (SEC) confirm its cumulative Bitcoin holdings, further solidifying its position as a major player in the crypto investment arena.
Also Read: VanEck Predicts Bitcoin (BTC) and Solana’s (SOL) Dominance in the Cryptocurrency Market
A notable highlight of Microstrategy’s latest report is its BTC Yield performance. For the period from July 1 to September 12, 2024, the company reported a 4.4% yield. This yield surged to 17.0% year-to-date, a testament to the effectiveness of its Bitcoin-focused strategy in boosting shareholder value. However, Microstrategy was transparent about the limitations of the BTC Yield metric, noting that it does not account for liabilities or potential debt refinancing.
The company’s aggressive Bitcoin acquisition strategy continues to make waves, reflecting its unwavering belief in the digital asset’s long-term value. As Microstrategy expands its Bitcoin holdings, its approach offers a compelling case study in leveraging equity sales for cryptocurrency investments, with significant implications for both the company’s future growth and the broader crypto market landscape.
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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