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MicroStrategy continues its aggressive Bitcoin acquisition strategy, adding 2,138 BTC for $209 million. The move boosts its 2024 cryptocurrency yield to 74%, marking a significant milestone for the business intelligence firm.
MicroStrategy Acquires 2,138 Bitcoin in $209 Million Deal
To increase its total holdings of Bitcoin, business analytics firm MicroStrategy has purchased 2,138 Bitcoin for $209 million.
The addition of 2,138 BTC to MicroStrategy's holdings occurred between December 23 and December 29, as disclosed on December 30. At an average price of approximately $97,837 per BTC, the corporation claimed to have spent $209 million in cash to acquire the coins.
MicroStrategy Sells Shares to Fund Bitcoin Purchase
During the same week, MicroStrategy reportedly sold 592,987 shares to finance the transaction.
As of the 30th of December, MicroStrategy's Bitcoin yield—a measure of performance for its cryptocurrency investments—had hit 74.1% for the year. From October 1st to December 29th, the metric was 47.8%.
Michael Saylor Hints at New Bitcoin Acquisition
In a data tracker that monitors MicroStrategy's Bitcoin purchases, Michael Saylor, co-founder and executive chairman of MicroStrategy, hinted at the acquisition on Sunday, Dec. 29, by mentioning "disconcerting" lines.
Saylor has already stated that, regardless of price, the business will keep purchasing Bitcoin. Even if the price reaches $1 million, the asset will still be purchased, according to the executive from MicroStrategy.
Weekly Bitcoin Purchases Drive Strategic Growth
The business intelligence organization has been buying Bitcoin for eight weeks in a row with their most recent transaction. Since October 31st, MicroStrategy has increased its Bitcoin holdings by 194,180 BTC through weekly purchases.
However, compared to November, the amount of Bitcoin the business purchased dropped dramatically. More than 100,000 BTC were purchased by MicroStrategy within the month.
SEC Filing Requests Flexibility for Share Issuance
Per Cointelegraph, the business asked the SEC for approval to raise the authorized share count of its Class A common stock and preferred stock in a filing dated December 23. This would allow them greater leeway to issue more shares as needed.
The current authorized share count for Class A common stock is 330 million, but the corporation is aiming to increase it to 10.33 billion shares. And it wants to go beyond one billion shares of approved preferred stock, which is now at five million.
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