MicroStrategy, the world’s largest corporate holder of Bitcoin, has continued its accumulation spree, investing $209 million to acquire an additional 2,138 BTC.
As per the announcement, this bitcoin has been purchased at an average price of $97,837. Also, it made between December 23 and December 29, 2024, brings the company’s total holdings to 446,400 BTC, valued at around $41.8 billion based on current market prices.
MicroStrategy sold 592,987 shares of its stock to fund this acquisition, generating about $209 million in net proceeds. As of December 30, the company has approximately $6.8 billion worth of shares available for sale from its planned $21 billion equity offering.
Michael Saylor, the business’s co-founder, stated that after the $42 billion Bitcoin investment target is met, the company will reconsider its capital allocation plan.
Subsequently, MicroStrategy announced plans to hold a special meeting to vote on proposals to enhance its Bitcoin acquisition strategy. These include increasing authorized Class A common stock from 330 million to 10.33 billion shares and authorized preferred shares from 5 million to 1.005 billion, providing greater flexibility for future Bitcoin purchases.
Since initiating its 21/21 plan, MicroStrategy has acquired over 194,000 BTC worth around $18 billion, achieving about 42% of its investment goal in less than two months.
The latest acquisition marks the company’s eighth consecutive week of Bitcoin purchases. Notably, last week, MicroStrategy bought 5,000 bitcoins for $561 million, ahead of its inclusion in the Nasdaq 100 index.
MicroStrategy’s stock has been volatile, dropping nearly 3% on December 23, 2024, after plans to issue more shares. As of December 30, 2024, MicroStrategy’s stock (MSTR) is trading at $330.00, reflecting a decrease of 3.12% from the previous close.
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