MicroStrategy, renowned as one of the largest institutional holders of Bitcoin, has expanded its Bitcoin portfolio further, even as the cryptocurrency achieved new record prices.
On Nov. 18, the company disclosed its acquisition of 51,780 Bitcoin, investing approximately $4.6 billion at an average price of $88,627 per BTC.
This purchase has increased MicroStrategy’s total Bitcoin holdings to 331,200 BTC, acquired at a cumulative cost of $16.5 billion, with the overall average purchase price now at $49,874 per Bitcoin.
MicroStrategy Uses Fresh Proceeds from a Share Sale
To finance this massive purchase, MicroStrategy leveraged proceeds from a share sale initiated under an agreement signed on Oct. 30. This agreement involved financial institutions such as TD Securities, Barclays Capital, Canaccord Genuity, and others.
Between Nov. 11 and Nov. 13, the company sold 13.6 million shares, generating $4.6 billion in proceeds. As of Nov. 17, MicroStrategy reported that $15.3 billion worth of shares remained available for sale under this agreement, as per filings with the U.S. Securities and Exchange Commission (SEC).
The timing of this purchase coincided with Bitcoin’s historic price surge, as the cryptocurrency surpassed $90,000 for the first time on Nov. 12, reaching a peak of $92,400 the following day.
Largest-Ever BTC Purchase by MicroStrategy
This latest acquisition marks the largest single Bitcoin purchase in MicroStrategy’s history, representing more than 16% of its total BTC holdings.
Data from CryptoQuant highlights that this 51,780 BTC purchase is also the biggest recorded acquisition by the company.
A Legacy of Bitcoin Investment
Founded in 1989, MicroStrategy remains the largest institutional Bitcoin holder globally, according to BitcoinTreasuries data.
Under the leadership of founder Michael Saylor, the company embarked on its Bitcoin journey in August 2020 with a $250 million BTC purchase. Since then, Bitcoin has become MicroStrategy’s “primary reserve currency,” with the company making regular purchases.
In October, MicroStrategy unveiled its ambitious “21/21 plan,” aiming to raise $42 billion over three years—split between $21 billion in equity and $21 billion in fixed-income securities—to continue its Bitcoin investment strategy.
Despite Bitcoin’s rapid ascent, Saylor remains bullish about its trajectory. Speaking to CNBC, he dismissed the likelihood of the cryptocurrency retracing to $60,000 or lower.
“I don’t think it’s going to $60,000, it’s not going to $30,000—I believe it’s only heading higher from here,” he stated confidently.
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