Catennaa, Tuesday, November 13, 2024-MicroStrategy, the largest corporate holder of Bitcoin, yesterday announced that it had added another 27,200 BTC to its holdings for a reported $2 billion, solidifying its position as a leader in Bitcoin investment.
This acquisition is believed to be its largest purchase since it began accumulating the cryptocurrency over four years ago.
The enterprise software maker, which has incorporated Bitcoin into its corporate strategy, purchased the tokens between Oct. 31 and Nov. 10, the company said Monday. It’s the largest acquisition since December 2020, when the firm announced it had bought the Bitcoins.
The company, led by CEO Michael Saylor, now holds a total of 279,420 BTC, valued at just under $23 billion with Bitcoin recently hitting an all-time high above $82,000.
The cumulative cost of MicroStrategy’s Bitcoin holdings stands at $11.9 billion, and with Bitcoin’s price surge, the company’s profit on this investment has now reached approximately $11 billion.
MicroStrategy’s BTC yield is up 7.4% for the quarter and over 26% year-to-date. The newly acquired BTC, purchased at an average of $74,463 per coin, has already generated over $200 million in profit as Bitcoin’s value has appreciated by nearly $8,000 per unit.
MicroStrategy funds its BTC purchases through share issuance, which not only boosts Bitcoin’s price but also positively impacts its own stock value.
Following this latest acquisition, MicroStrategy’s stock (MSTR) rose more than 9% in pre-market trading to $295.
The announcement can be seen here.
