MicroStrategy, one of the biggest institutional holders of Bitcoin worldwide, has increased its cryptocurrency holdings with a purchase of an additional 51,780 BTC. This additional acquisition is worth around $4.6 billion, bringing the company’s total Bitcoin assets to 331,200 BTC. The significant purchase happened amidst the rise of Bitcoin prices above $92,400.
On November 18, MicroStrategy announced this substantial Bitcoin procurement, which was made at an average price per Bitcoin of $88,627. This new acquisition builds MicroStrategy’s total Bitcoin holdings to 331,200 BTC, bought at an overall cost of approximately $16.5 billion, with an average cost per Bitcoin of $49,874.
Proceeds from a recent share sale agreement with companies, including TD Securities, were used to fund this significant Bitcoin purchase. As a component of this sales accord, MicroStrategy issued and sold shares to several companies including Barclays Capital, The Benchmark Company, Canaccord Genuity, Cantor Fitzgerald, Maxim Group, Mizuho Securities, and SG Americas Securities.
Between November 11 and 13, the company managed to sell 13.6 million shares amounting to $4.6 billion. As of November 17, MicroStrategy reported it has about $15.3 billion in shares still available for sale under this agreement.
This latest Bitcoin procurement by MicroStrategy, its largest to date, accounts for over 16% of the total Bitcoin held by the business. MicroStrategy first ventured into Bitcoin investment in August 2020 with an initial purchase worth $250 million. Subsequent to making Bitcoin its key reserve currency in 2020, the company has consistently bought Bitcoin in significant quantities.
Looking ahead, the business announced its plans this past October to amass $42 billion over the next three years for the purpose of continuing to purchase more Bitcoin. Amidst Bitcoin reaching new all-time highs last week, MicroStrategy founder, Michael Saylor, expressed confidence in its continued growth.