MicroStrategy, renowned for its bold Bitcoin strategy, announced the acquisition of 15,400 BTC between November 25 and December 1, 2024. This purchase, executed at an average price of $95,976 per Bitcoin, was funded by proceeds from a $1.5 billion stock sale under its at-the-market (ATM) equity program.
Details of the Acquisition
In a December 2 filing with the U.S. Securities and Exchange Commission (SEC), MicroStrategy disclosed that it sold 3.7 million shares of its Class A common stock, generating $1.48 billion in net proceeds. The funds were entirely allocated to buying Bitcoin.
MicroStrategy’s BTC Holdings
As of December 1, the company and its subsidiaries hold a staggering 402,100 BTC, valued at approximately $38.4 billion at current market prices. These holdings were acquired for an aggregate cost of $23.4 billion, averaging $58,263 per Bitcoin. This places the company at a 64% gain on its Bitcoin investments.
A Record Week of Bitcoin Spending
The $1.5 billion purchase follows an even larger Bitcoin acquisition just the previous week. Between November 18 and 24, MicroStrategy bought 55,000 BTC for $5.4 billion, at an average price of $97,862 per Bitcoin.
Funding Sources
The earlier $5.4 billion investment was financed through multiple avenues, including a private offering of 0% convertible senior notes due in 2029 and additional proceeds from the ATM equity program.
MicroStrategy’s Role in the Market
MicroStrategy continues to solidify its position as a corporate leader in Bitcoin adoption. With over 400,000 BTC in its reserves and substantial gains on its investments, the company’s aggressive strategy underscores its confidence in Bitcoin’s long-term potential.
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