MicroStrategy’s Michael Saylor Purchases a Further 3,000 Bitcoin for $155 Million

cryptonews.com:

MicroStrategy, the world’s largest corporate holder of Bitcoin (BTC), bought another 3,000 BTC this month at an average price of $51,813 per coin for $155.4 million.

MicroStrategy has acquired an additional 3,000 BTC for ~$155 million at an average price of $51,813 per #bitcoin. As of 2/25/24, @MicroStrategy now hodls 193,000 $BTC acquired for ~$6.09 billion at an average price of $31,544 per bitcoin. $MSTR https://t.co/micudbYf3P

— Michael Saylor⚡️ (@saylor) February 26, 2024

The acquisition brings MicroStrategy’s total crypto holdings up to 193,000 BTC. That’s nearly 1% of Bitcoin’s entire circulating supply, of which there will only ever be 21 million units.

MicroStrategy’s Bitcoin Holdings

“The Bitcoin purchases were made using proceeds from the issuance and sale of Shares under the Sales Agreement and Excess Cash,” wrote MicroStrategy in a form 8-K filed with the U.S. Securities and Exchange Commission (SEC) on Monday.

The purchases, made between February 15 and 25, continue an ongoing strategy in which the company dilutes its stock to raise cash and buy more BTC. Last quarter, the company announced a $615 million BTC purchase using funds primarily raised using this strategy.

Since the company began purchasing BTC in 2020, its outstanding shares have risen from roughly 9.2 million to 16.97 million. Meanwhile, its shares have jumped from $142 in August 2020 to $790 as of writing.

Bitcoin’s price surged to $53,500 on Monday, tapping another two-year high since Bitcoin spot ETFs were approved in the United States last month. At current prices, MicroStrategy’s entire Bitcoin stash is worth $10.15 billion, acquired for an aggregate purchase price of $6.09 billion – a 66% overall profit.

MicroStrategy Versus Bitcoin ETFs

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