MicroStrategy buys additional 18,300 BTC for more than $1b

Business intelligence firm MicroStrategy has continued its Bitcoin allocation strategy, this time purchasing over 18,000 BTC.

MicroStrategy, one of the world’s largest institutional crypto holders, announced in a press release on Friday, September 13, that it has purchased an additional 18,300 Bitcoins (BTC) for approximately $1.11 billion at an average price of $60,408 per BTC. According to the regulatory filing, the company purchased Bitcoin between August 6 and September 12.

With the latest transaction, the Virginia-based company now owns approximately 244,800 BTC. These BTC were purchased for a total purchase price of approximately $9.45 billion and an average purchase price of $38,585 per BTC, including fees and expenses.

Shares of MicroStrategy rose 0.3% in premarket trading following the news, according to Nasdaq data.

MicroStrategy Controls More Than 1% of Bitcoin

This marks another significant Bitcoin purchase by the company in 2024, following its purchase of 12,000 BTC in June and 9,245 BTC in March. The company now holds more than 1% of Bitcoin’s 21 million fixed supply.

MicroStrategy said in August that it planned to raise up to $2 billion by selling Class A shares to fund its crypto strategy. While the exact timeline for selling those shares was not disclosed, the filing says the proceeds will be used for “general corporate purposes, including the acquisition of Bitcoin.”

The company did not specify how much of the proceeds would be used for Bitcoin purchases, and stated that it did not specify the amount of net proceeds that would be “used specifically for a specific purpose.”

MicroStrategy has consistently used stock sales to fund its Bitcoin purchases. In late 2023, the company sold $750 million worth of stock with the intention of purchasing more Bitcoin. Subsequent reports confirmed multimillion-dollar purchases of the cryptocurrency, reinforcing its commitment to its Bitcoin-centric strategy.