Michael Saylor’s MicroStrategy has bolstered its position as the largest corporate holder of Bitcoin with a new purchase of 27,200 BTC.
The acquisition, valued at $2.03 billion, was made between October 31 and November 10, 2024, at an average price of $74,463 per coin, including fees, the company said in an official press release.
The latest addition brings MicroStrategy’s total Bitcoin holdings to approximately 279,420 BTC, acquired for an aggregate $11.9 billion.
MicroStrategy’s Average Purchase Price Stands at $42,600
The company’s average purchase price now stands at $42,692 per coin, compared to Bitcoin’s current price of $81,700.
On Monday, Bitcoin soared to a new all-time high above $82,000, fueled by growing optimism from U.S. elections that brought several pro-crypto candidates into office.
The rally was mirrored by significant activity in futures markets, with open interest for bitcoin surpassing $90,000 on the Deribit exchange exceeding $2.8 billion.
MicroStrategy has acquired 27,200 BTC for ~$2.03 billion at ~$74,463 per #bitcoin and has achieved BTC Yield of 7.3% QTD and 26.4% YTD. As of 11/10/2024, we hodl 279,420 $BTC acquired for ~$11.9 billion at ~$42,692 per bitcoin. $MSTR https://t.co/uCt8nNUVqd
— Michael Saylor
(@saylor) November 11, 2024
Meanwhile, MicroStrategy’s latest acquisition follows a mixed earnings report, with MicroStrategy falling short of revenue expectations by reporting $116 million in quarterly sales against a $122.66 million consensus estimate.
However, the company’s Bitcoin strategy remains aggressive, with plans to raise $42 billion in capital for further acquisitions in the coming years.
Dubbed the “21/21 plan,” the strategy involves raising $21 billion in equity and $21 billion in fixed-income securities to continue its aggressive Bitcoin acquisition.
More Firms Adopt Bitcoin as Reserve Asset
The ongoing macroeconomic uncertainties, characterized by increasing inflationary pressures and geopolitical tensions, have prompted corporate treasurers to explore the inclusion of Bitcoin as a reserve asset.
Just recently, digital asset prime services platform Abra launched a service designed for corporates seeking to hold cryptocurrencies as reserve assets on their balance sheets.
Likewise, Japanese investment firm Metaplanet has been actively increasing its Bitcoin holdings since May, when it announced plans to use Bitcoin as a strategic treasury reserve.
The move was driven by Japan’s economic challenges, including high government debt, negative interest rates, and a weakening yen.
In addition to its Bitcoin purchase, Metaplanet revealed it will exercise stock acquisition rights, generating 299.7 million yen to fund further Bitcoin acquisitions.
The firm also announced a partnership with SBI VC Trade, the crypto subsidiary of SBI Group, to access corporate custody services that optimize tax efficiency and provide potential financing options using bitcoin as collateral.
Last month, the firm raised approximately 10 billion yen ($66 million) through a stock acquisition rights offering, attracting 13,774 individual shareholders.
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