MicroStrategy, a leading advocate for Bitcoin under the leadership of Executive Chairman Michael Saylor, has reinforced its status as the largest corporate holder of Bitcoin. Over six days ending November 17, 2024, the company made a massive acquisition of 51,780 BTC at a cost of $4.6 billion. This purchase raises their total Bitcoin holdings to a remarkable 331,200 tokens. These have been acquired at an average price of $49,874 per Bitcoin, representing a total investment of approximately $16.5 billion. At the current Bitcoin price near $90,000, this stockpile is valued at close to $30 billion, underscoring the significant profit potential.
MicroStrategy financed this purchase through its at-the-market stock issuance program, selling about 13.6 million shares to raise $4.6 billion. According to the company, it retains authorization to sell an additional $15.3 billion worth of stock under this program. This funding strategy aligns with Saylor’s longstanding view of Bitcoin as a high-growth digital asset poised for transformative adoption. Over the past few weeks alone, the company has acquired 72,000 BTC, spending $6.6 billion in its aggressive buying spree.
Saylor’s commitment to Bitcoin stems from his belief in its role as a dominant and innovative digital network. Since the company’s first Bitcoin purchase in 2020, its strategy has proven lucrative, with MicroStrategy’s stock soaring nearly 400% year-to-date. This performance has inspired other firms to explore similar cryptocurrency-focused strategies.
Despite a slight dip in premarket trading after the latest announcement, MicroStrategy’s confidence in Bitcoin remains unshaken. Saylor projects further price increases, driven by institutional adoption, Bitcoin ETF approvals, and growing market demand. The company’s actions reflect a broader vision of integrating Bitcoin into its long-term financial strategy, cementing its role in the evolving digital economy.
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