MicroStrategy acquires 11,931 Bitcoins, takes holding to 226,331 BTC

Michael Saylor’s MicroStrategy recently announced acquiring an additional 11,931 Bitcoins. The official press release stated that the transaction cost the firm $786 million.

With the acquisition, MicroStrategy has taken its Bitcoin holdings to 226,331. The amount of Bitcoins roughly reaches a value of $15 billion. Under Saylor’s leadership, the company held 214,400 BTCs at the end of April.

The latest transaction witnessed MicroStrategy buying Bitcoin at a market price of $66,000. Even then, the company has maintained an average price of $36,798. This brings its purchase price to a rough figure of $8.33 billion. 

The purchase followed MicroStrategy’s $800 million convertible note offering to institutional investors. MicroStrategy initially set the offering size at $500 million, raised it to $700 million, and ultimately raised it to $800 million.

In March 2024, MicroStrategy acquired 9,245 BTC of $623 million. The purchase was sponsored using debt issuance as well. MicroStrategy and Saylor’s bitcoin purchase history began in 2020.

It has been spearheading the trend of keeping Bitcoin as a reserve asset for corporate treasuries. Several other companies have adopted the same approach; however, none have reached the level of MicroStrategy.

The company is also trying to purchase BTC in amounts larger than the current market cap. As a result, the Saylor-led company has increased its share price tenfold in the past four years. Similarly, Semler shares have also gone up by 60% since MicroStrategy first started buying BTC. 

A week ago, Bernstein conducted a report on MicroStrategy that set the company’s share price target at $2,890.