MicroStrategy Increases Bitcoin Holdings by 27,200 BTC
Date: 2024-11-12 Author: Henry Casey Categories: BUSINESS
The funds for this purchase were raised through the issuance and sale of shares, which is in line with the firm’s strategic plans to increase investments.
Michael Saylor, founder of MicroStrategy, wrote in a blog post: “We purchased 27,200 BTC for ~$2.03 billion at an average price of ~$74,463 per Bitcoin. This provided a quarterly return of 7.3%, which is an annualized return of 26.4%. As of November 10, the company’s total Bitcoin holdings reached 279,420 BTC, purchased for ~$11.9 billion at a historical average price of $42,692 per Bitcoin.”
To finance the latest acquisition, the company sold 7,854,647 shares, raising about $2.03 billion in proceeds. These funds were used entirely to build up the company's Bitcoin reserves.
In late October, MicroStrategy announced a project called "21/21," which involves issuing shares worth $42 billion. The proceeds will be used to further purchases of BTC, which is in line with Saylor's ambitious plans to turn MicroStrategy into a major Bitcoin bank with a trillion-dollar market cap.
