MicroStrategy Purchases 21,550 Bitcoin for $2.1 Billion
American software development firm MicroStrategy Inc (NASDAQ: MSTR) has continued its Bitcoin (BTC) accumulation, purchasing an additional 21,550 BTC valued at approximately $2.1 billion.
MicroStrategy Continues BTC Purchase Streak
This purchase marks MicroStrategy's fifth consecutive weekly acquisition of Bitcoin, showcasing the firm's commitment to the cryptocurrency. According to a press release, the BTC was acquired at around $98,783 per coin.
MicroStrategy has acquired 21,550 BTC for ~$2.1 billion at ~$98,783 per #bitcoin and has achieved BTC Yield of 43.2% QTD and 68.7% YTD. As of 12/8/2024, we hodl 423,650 $BTC acquired for ~$25.6 billion at ~$60,324 per bitcoin. $MSTR https://t.co/8r7bFqMFof
— Michael Saylor⚡️ (@saylor) December 9, 2024
This acquisition increased MicroStrategy’s BTC Yield to 43.2% Quarter-to-Date (QTD) and 68.7% Year-to-Date (YTD). The company's total Bitcoin holdings now amount to 423,650 BTC, purchased for $25.6 billion at an average price of $60,324 per coin, representing over 2% of Bitcoin's total supply.
The latest purchase occurred between December 2 and 8. Coinspeaker reported that on December 2, MicroStrategy announced the acquisition of 15,400 BTC for about $1.5 billion. The firm intends to hold its Bitcoin long-term and aims to become the largest BTC bank, supported by institutional investors diversifying into crypto.
Analyst Gautam Chhugani from Bernstein predicted that MicroStrategy could own 4% of Bitcoin’s total circulating supply within ten years, emphasizing the firm's strategy to attract global capital for Bitcoin investment.
MicroStrategy Sets the Pace for Corporations
MicroStrategy has attracted global investors, including European central banks, and inspired other firms to adopt Bitcoin as a strategic reserve asset. Worksport, a renewable energy firm, recently announced plans to purchase Bitcoin for its corporate treasury. In November, Rumble Inc (NASDAQ: RUM) indicated it would buy $20 million worth of BTC based on market conditions, leading to a 28% rally in its stock shortly after.
Additionally, MARA Holdings Inc (NASDAQ: MARA), a prominent Bitcoin miner, announced intentions to increase its BTC holdings through a $700 million private offering of convertible senior notes due in 2031.
The National Center for Public Policy Research (NCPPR) urged Amazon to diversify at least 5% of its financial reserves into Bitcoin. Meanwhile, Microsoft is set to have shareholders vote on a Bitcoin adoption proposal this week.