MicroStrategy Adds 51,780 Bitcoin Worth $4.6 Billion to Its Growing Stash

MicroStrategy, the self-proclaimed Bitcoin Development Company, has once again expanded its already massive Bitcoin holdings. Over a six-day period ending Sunday, the company purchased an additional 51,780 Bitcoin (BTC) for a staggering $4.6 billion.

With this latest acquisition, MicroStrategy’s total Bitcoin holdings have reached 331,200 BTC, acquired at a cumulative cost of approximately $16.5 billion. At the current Bitcoin price hovering around $90,000, the company’s holdings are now valued at just under $30 billion. This marks yet another milestone in the company’s bold strategy of aggressively acquiring Bitcoin to capitalize on its long-term potential. 

Funding the Purchase

To fund the latest acquisition, MicroStrategy leveraged its at-the-market share issuance program. The company sold roughly 13.6 million shares, raising $4.6 billion for the purchase. According to a regulatory filing released Monday morning, the company still has the ability to sell an additional $15.3 billion worth of stock under the current program, leaving significant room for further Bitcoin investments.

Saylor Teases the Announcement

Executive Chairman Michael Saylor, a vocal Bitcoin advocate, took to X (formerly Twitter) over the weekend to hint at the company’s upcoming disclosure. The announcement of this purchase follows closely on the heels of another major buy just one week earlier, when MicroStrategy added 27,200 BTC for $2 billion.

In total, the company has purchased around 72,000 BTC over the past few weeks, spending a total of $6.6 billion. These acquisitions further cement MicroStrategy’s position as the largest corporate holder of Bitcoin, far outpacing any other institutional investors in the market.

MicroStrategy’s Bold Bitcoin Strategy

Since beginning its Bitcoin buying spree in August 2020, MicroStrategy has remained steadfast in its belief that Bitcoin is a superior store of value compared to traditional fiat currencies or other assets. Saylor has repeatedly described Bitcoin as “digital gold” and has emphasized the company’s long-term commitment to the cryptocurrency.

This aggressive strategy has made MicroStrategy a pioneer in corporate Bitcoin adoption, with its stock (MSTR) often moving in tandem with Bitcoin’s price. While critics have questioned the risks of such heavy exposure to a volatile asset, MicroStrategy’s massive gains thus far have vindicated its bold approach.

The Bigger Picture

With Bitcoin’s price reaching new highs and adoption growing globally, MicroStrategy’s continuous investments highlight the growing institutional interest in cryptocurrency. As the company maintains its role as a market leader in Bitcoin acquisition, its actions could inspire other corporations to follow suit, further fueling the cryptocurrency’s mainstream adoption.

As of now, all eyes are on how MicroStrategy plans to deploy the remaining $15.3 billion it can raise through its stock issuance program and whether it will continue its aggressive accumulation of Bitcoin in the face of market fluctuations.