MicroStrategy Buys the Dip, Purchases 27,200 Bitcoin, and Solidifies Its Position as the Largest Corporate Bitcoin Holder

The acquisition, announced on November 11, 2024, was funded through stock sales, further expanding MicroStrategy's BTC reserves to a total of 279,420 coins

Tech firm MicroStrategy has added 27,200 bitcoin to its already massive stash of the cryptocurrency, bringing its total holdings to 279,420 coins. The latest acquisition, valued at $2.03 billion, was funded through stock sales.

The average acquisition price for the latest batch of bitcoin was $74,463, with each coin now valued at around $82,000. The company began acquiring bitcoin in August 2020, with an average acquisition price of $42,692 per coin. At current prices, MicroStrategy’s bitcoin holdings are valued at approximately $23 billion.

According to the company’s filings, the latest bitcoin purchase was funded through two agreements with financial institutions for a total of $2.03 billion. The institutions involved include TD Securities, Barclays Capital, and Cantor Fitzgerald.

Earlier this year, MicroStrategy announced plans to sell up to $1.03 billion in class A common stock over the next two years. The company also announced its intention to use the proceeds for general corporate purposes, including the acquisition of bitcoin.

MicroStrategy has been aggressively acquiring bitcoin as part of its treasury strategy, with the company aiming to achieve an annualized yield of 6-10% over the next three years. The company’s unrealized profits on its bitcoin holdings now stand at over $10 billion.