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MicroStrategy Inc. announced Thursday that it has bolstered its bitcoin investments by purchasing an additional 16,130 bitcoins worth approximately $593.3 million, at an average price of $36,785 per coin. This strategic move, announced today, brought the company’s total bitcoin holdings to 174,530 BTC, representing a significant portfolio expansion of over 10%.
The company, led by Michael Saylor, has been acquiring bitcoin since August 2020, when it adopted the cryptocurrency as its primary reserve asset. As of November 29, MicroStrategy’s total bitcoin assets had reached an approximate valuation of $6.6 billion. This latest acquisition brings the average purchase price to $30,252 for its entire bitcoin portfolio.
In addition to the bitcoin purchase, MicroStrategy launched a $750 million Class A common stock offering. This offer is made in collaboration with the financial services company Cowen and Company. The move is part of the company’s broader strategy to continue investing in , as noted by CEO Phong Le, who previously expressed the company’s intention to continue its acquisitions regular bitcoins.
The announcement of the stock offering and bitcoin purchase coincided with a slight pullback in shares of MicroStrategy (NASDAQ:MSTR), which fell 0.82%. Despite this, the company already recorded a substantial profit of $900 million on its bitcoin holdings when the cryptocurrency’s price was above the critical threshold of $30,000.
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