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News

MicroStrategy Bitcoin Investment Continues For 8th Consecutive Week

December 30, 2024 - Around 2 mins mins to read

Key Points:

  • MicroStrategy invested $209 million to acquire an additional 2,138 BTC, bringing its total holdings to 446,400 BTC, valued at $27.9 billion.
  • MicroStrategy Bitcoin investments were made through a market-based program to raise capital, with $6.88 billion remaining for future acquisitions.
MicroStrategy, the largest corporate holder of Bitcoin, added to its stash with a $209 million buy, adding 2,138 BTC.
MicroStrategy Bitcoin Investment Continues For 8th Consecutive Week

Read more: MicroStrategy Shareholder Vote on Key Proposals, Including 21/21 Plan 

MicroStrategy Bitcoin Investment Gets Boost With New $209 Million Purchase

The business intelligence firm now holds a total of 446,400 Bitcoin, currently valued at roughly $27.9 billion as of December 30, and remains on top in terms of corporate buys of the leading cryptocurrency.

This is the eighth week in a row that MicroStrategy has bought Bitcoin at an average price of $62,428 per BTC. Since launching the MicroStrategy Bitcoin investment back in 2020, the firm has invested more than $27.9 billion in the cryptocurrency.

To finance the ongoing acquisitions, MicroStrategy has tapped an ATM program, raising capital through the issuance of its shares and securities. With $6.88 billion remaining from this program, the company is well-positioned to continue the buying spree in the upcoming weeks.

Michael Saylor, co-founder and chairman of MicroStrategy, had been leading the MicroStrategy Bitcoin investment – with the company’s market capitalization surpassing $80 billion earlier this year and entering the Nasdaq 100 Index.

MicroStrategy With Diversified Strategy To Increase Bitcoin Reserves

The company plans to raise another $42 billion over the next three years with additional sales of stock and convertible debt to further extend its Bitcoin hoard. In fact, MicroStrategy has already realized two-thirds of its equity goal in just two months.

Some of those funds have been shorting the stock as part of convertible arbitrage strategies, where they buy bonds and sell the stock short to bet on volatility. In tandem with the MicroStrategy Bitcoin investment, the company has also filed for permission to increase the number of authorized shares of its common and preferred stock.

In the last eight weeks, MicroStrategy has accumulated 194,180 BTC into its sheets, while BlackRock Bitcoin ETF has added 118,795 BTC within the same period.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Bitcoin

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Michael Saylor

MicroStrategy

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Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.