MicroStrategy Acquires 1,070 BTC, Now Holds 447,470 BTC Worth Over $44B

Business intelligence firm MicroStrategy has disclosed the purchase of an additional 1,070 BTC last week in an SEC filing on Jan.6.

The company acquired the BTC at an average price of $94,004 per coin, for a total cost of $101 million. This latest purchase brings MicroStrategy’s total Bitcoin (BTC) holdings to 447,470 BTC.

According to the filing, MicroStrategy purchased the BTC in two batches on Dec. 29 and Dec. 30, respectively. The company disclosed an average acquisition price of $94,004 per coin.

Based on MicroStrategy’s average acquisition price, the total cost of acquiring its BTC holdings now stands at $27.97 billion, including fees and other expenses.

At current market rates, the value of MicroStrategy’s Bitcoin holdings exceeds $44 billion, representing about 2.1% of Bitcoin’s fixed supply of 21 million coins.

Meanwhile, MicroStrategy stock hit an all-time high in November but is currently trading at $352.03 per share in pre-market trading on Jan. 6.

The acquisition also coincided with the sale of 319,586 MicroStrategy shares, generating $101 million during the same period.

This forms part of the company’s ongoing capital-raising program, which includes $21 billion in equity and $21 billion in fixed-income capital.

The capital raised through this initiative will be used to fund further Bitcoin acquisitions. Last week, MicroStrategy expanded the initiative with a proposed $2 billion preferred stock offering.

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

In a recent interview with Fox, Saylor discussed the humanitarian aspect of accumulating Bitcoin wealth and burning the keys upon leaving this world.

“If you accumulate a lot of wealth in Bitcoin and you just burn the keys when you leave, you are making a pro-rata contribution to everyone that owns Bitcoin in the world,” he said.

While some critics have expressed concerns about Saylor and MicroStrategy’s approach, particularly regarding the premium-to-net-asset-value valuation and its equity- and debt-funded Bitcoin strategy, much of the crypto market continues to back the company with investor confidence.