MicroStrategy Buys Nearly 12K Bitcoin (BTC) With About $800 Million

• The largest corporate holder of BTC, MicroStrategy, just added around $800 million worth of the token to its balance sheet.

MicroStrategy has purchased another 11,931 BTC for about $786M at an average price of $65,883.

Total Holdings: This acquisition brings MicroStrategy’s total bitcoin holdings to 226,331 BTC, worth roughly $14.9B.

Historical Cost: The company’s total BTC purchases cost around $8.33B, with an average price of $36,798 per bitcoin, including fees and expenses.

Recent Fundraising: This latest purchase follows the completion of an $800M financing round, which was used to fund the acquisition.

Stock Performance: MicroStrategy’s share price increased by 2.4% in pre-market trading Thursday morning, up 112% year-to-date.

Market Position: As of the latest close, MicroStrategy’s market capitalization was $26.06 billion, with an enterprise value of $29.6B.

Bankless Take

MicroStrategy continues to double down on its Bitcoin strategy, leading the corporate world in building its BTC portfolio, which accounts for 1% of the total Bitcoin supply.

Given its historical average purchase price and stock performance, this strategy looks to be paying off.

Starting in 2020, Saylor’s shopping spree has paved the way for other companies to follow suit, most recently Semler Scientific, a medical technology company, which holds about $53M of Bitcoin with intentions to buy more.

While such corporate purchases may raise concerns about Bitcoin’s centralization, it can also be likened to countries hoarding gold.