MicroStrategy has once again expanded its Bitcoin reserves, acquiring $1.11 billion worth of the cryptocurrency between August 6 and September 12. This latest purchase pushes the company’s total holdings to approximately $9.45 billion.
Since 2020, MicroStrategy has shifted focus from its software business to Bitcoin, becoming the largest corporate holder of the digital asset. By the close of 2023, the firm held 190,000 Bitcoin, with plans to further increase its exposure.
In a move to attract more investors, the company’s board approved a 10-for-1 stock split in July. Between August 6 and September 12, MicroStrategy purchased approximately 18,300 Bitcoin at an average price of $60,408 per coin.
As of September 12, 2024, the company and its subsidiaries hold around 244,800 Bitcoin, representing a total value of $9.45 billion. This equates to an average purchase price of $38,585 per Bitcoin, including fees and expenses.
Bitcoin’s growing acceptance has been bolstered by the SEC’s approval of spot Bitcoin ETFs in January, along with increased support from Wall Street. MicroStrategy’s aggressive Bitcoin purchases have strengthened the appeal of its stock, which often mirrors Bitcoin’s movements.
In 2024, MicroStrategy’s stock has more than doubled, while Bitcoin has gained nearly 31% year-to-date.
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