Investing.com - MicroStrategy Incorporated (NASDAQ:MSTR) added 52,000 bitcoins to its portfolio worth $4.6 billion over the last week, marking the largest
MicroStrategy (NASDAQ:MSTR) has disclosed in a regulatory filing on Monday that it added 52,000 bitcoins to its portfolio, valued at $4.6 billion, over the last week, marking the largest purchase in the company's history.
After the latest purchase, which took place between November 11 and November 17, 2024, MicroStrategy now holds over 331,000 bitcoins, worth $16.5 billion at current prices.
To fund the acquisition, MicroStrategy raised $4.6 billion in net proceeds through the sale of 13.6 million shares under a sales agreement finalized in October 2024, the company disclosed in a filing to the SEC.
The agreement allows the company to issue shares worth up to $21 billion through a group of financial agents, including TD Securities, Barclays (LON:BARC), and others.
As of mid-November, MicroStrategy's total bitcoin holdings have been acquired at an average price of $49,874 per bitcoin—substantially lower than the recent purchase price, which was around $88,627 per bitcoin.
Since 2020, MicroStrategy has been acquiring and holding bitcoin as a strategic move, especially as revenue from its software business slowed. It is now the largest corporate holder of the cryptocurrency.
A Bernstein note published Monday suggested that Bitcoin could reach $100,000 imminently, with a target value of $200,000 by 2025.
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