Catenaa, Tuesday, November 26, 2024-MicroStrategy, led by Michael Saylor, has acquired 55,000 additional Bitcoin in a landmark $5.4 billion purchase, solidifying its position as one of the largest corporate holders of the cryptocurrency.
The acquisition, disclosed in a US Securities and Exchange Commission (SEC) filing on November 25, has taken place between November 18 and November 24. The company purchased the coins at an average price of $97,862 each, funding the deal through convertible note offerings and the sale of shares.
With this latest addition, MicroStrategy’s total Bitcoin holdings now amount to 386,700 coins, acquired for approximately $21.9 billion.
As of today, these holdings are valued at roughly $37 billion, given Bitcoin’s current market price of $56,761.
The move is part of MicroStrategy’s ongoing strategy to invest heavily in Bitcoin using financial instruments like convertible notes. In the previous days, the company raised $3 billion via a convertible note offering, set to mature in 2029, which provided the necessary capital for this acquisition.
Saylor, known for his bullish stance on Bitcoin, recently expressed optimism about the cryptocurrency’s future during a CNBC interview, noting the substantial growth of MicroStrategy’s stock, largely driven by its Bitcoin investments.
Despite Bitcoin’s recent stabilization at around $95,000, Saylor has maintained a confident outlook, even suggesting plans for a “$100,000 party” if Bitcoin hits that milestone by the end of 2024.
This significant purchase comes amid a surge in Bitcoin prices, which have been buoyed by market optimism following the election of US President-elect Donald Trump, who has expressed support for crypto-friendly policies.
