MicroStrategy Tops Up Bitcoin Reserve

MicroStrategy has continued to buy more Bitcoin (BTC) at near-top prices. On Monday, December 6, the company and its executive chair

Business intelligence firm MicroStrategy has continued to ramp up its Bitcoin (BTC) reserves. On Monday, December 6, the company and its executive chair, Michael Saylor, announced a new acquisition of 1,070 BTC for $101 million, with an average price of $94,004 per BTC.

MicroStrategy Adds to Bitcoin Stash

As stated in MicroStrategy’s Form 8-K filing, the latest round of Bitcoin purchases were made on the last two days of 2024. During those dates, the cryptocurrency asset hovered between $91K to $96K.

The Bitcoin development firm noted that it used the proceeds from the issuance and sale of shares pursuant to a convertible notes sales agreement on October 30. The company sold an aggregate of 319,586 shares, which provided the funds for the recent BTC acquisition. To date, no further convertible notes sales have been scheduled up to January 5 this year.

With the latest transactions, MicroStrategy has now increased its holdings to 447,470 Bitcoin. The figures translate to a total investment of $27.97 billion at $62,503 per BTC. The stash also accounted for 2.26% of BTC’s circulating supply at the start of the current workweek, or 2.13% of its fully diluted supply. MicroStrategy’s aggressive Bitcoin accumulation has also led to a BTC yield of 48% for the fourth quarter of last year and 74.3% for the full year.

The sales follow Saylor’s routine update on his Michael Saylor/MicroStrategy Portfolio Tracker website on Sunday.

Bitcoin Surges Past $100K

Saylor’s big announcement comes as Bitcoin rebounded from a $97,843.75 low to a $102,482.87 high in the past 24 hours. At press time on Monday evening, Bitcoin hovered in the $101.7K range to retain a close to 4% gain within the day.

Moreover, a surge in trading volume by over 141% accompanied the significant price action, as over $48.14 billion worth of Bitcoin moved across wallet addresses. In the meantime, the rally led to the digital asset’s market capitalization increasing to $2.019 trillion.

Bitcoin’s rally now cements the asset in seventh place among the world’s top assets by market cap. This puts it just below Amazon in terms of overall market valuation, as the e-commerce giant had $2.376 trillion, but still far from gold’s $17.769 trillion market value.

On the other hand, the rally also boosted MicroStrategy’s investment to between $43.78 billion to $45.86 billion for the day.