MicroStrategy, the business intelligence firm known for its aggressive Bitcoin investment strategy, acquired an additional 1,070 BTC last week for approximately $101 million.
The company disclosed the purchase in an SEC filing on Jan.6, noting an average acquisition price of $94,004 per Bitcoin (BTC).
This latest acquisition brings MicroStrategy’s total Bitcoin holdings to 447,470 BTC, purchased at an aggregate cost of $27.97 billion, including fees and expenses. The company’s average price per Bitcoin now stands at $62,503.
At current market rates, the value of MicroStrategy’s Bitcoin holdings exceeds $44 billion, representing approximately 2.1% of Bitcoin’s fixed supply of 21 million coins.
MicroStrategy’s 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 coincided with the sale of 319,586 MicroStrategy shares, generating $101 million during the same period. This forms part of the company’s ongoing $21 billion equity and $21 billion fixed-income capital-raising program, aimed at funding further Bitcoin acquisitions. Last week, MicroStrategy expanded the initiative with a proposed $2 billion preferred stock offering.
‘Burn the keys’
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.
Saylor views Bitcoin not only as a way to accumulate wealth but also as a contribution to a larger humanitarian movement.
“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,” Saylor said in a recent interview with Fox.
While some critics have questioned 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.
