MicroStrategy adds 1,070 more Bitcoin, holdings reach 447,470 BTC

Business intelligence firm MicroStrategy, known for its aggressive Bitcoin investment strategy, purchased an additional 1,070 BTC last week for approximately $101 million.

The company disclosed the acquisition in an SEC filing on January 6, noting the average purchase price of $94,004 per Bitcoin (BTC).

This latest acquisition brings MicroStrategy’s total Bitcoin holdings to 447,470 BTC, purchased at a total cost of $27.97 billion, including fees and expenses. The company’s average price per Bitcoin currently stands at $62,503.

At current market rates, MicroStrategy’s Bitcoin holdings are worth more than $44 billion, representing approximately 2.1% of Bitcoin’s fixed supply of 21 million coins.

Shares of MicroStrategy reached an all-time high in November but are currently trading at $352.03 per share in pre-market trading on January 6.

The purchase coincided with the sale of 319,586 MicroStrategy shares, which generated $101 million in proceeds during the same period. This forms part of the company’s ongoing $21 billion equity capital raising and $21 billion fixed income capital raising program aimed at financing further Bitcoin acquisitions. Last week, MicroStrategy expanded the initiative with a $2 billion preferred stock offering.

‘Burn the keys’

Michael Saylor, co-founder and executive chairman of MicroStrategy, has championed Bitcoin as the cornerstone of the company’s strategy and has gained popularity as the corporate face of Bitcoin.

Saylor sees Bitcoin not only as a way to accumulate wealth, but also as a contribution to a larger humanitarian movement.

“If you accumulate a lot of wealth in Bitcoin and burn the keys when you leave, you have made a proportionate contribution to everyone in the world who owns Bitcoin,” Saylor said in a recent interview with Fox.

While some critics have questioned Saylor and MicroStrategy’s approach, especially regarding premium-to-net asset value valuation and its equity- and debt-financed Bitcoin strategy, much of the crypto market continues to support the company with investor confidence.