- MicroStrategy has made another Bitcoin splurge.
- The firm’s Bitcoin stash is nearing a key milestone following the recent purchase.
- MicroStrategy’s share price has surged significantly in the past year.
Since MicroStrategy Chairman Michael Saylor fell down the Bitcoin maximalist rabbit hole in 2020, the software intelligence firm has regularly and aggressively accumulated the asset with no apparent end in sight. Following a recent purchase, the firm is now reaching a significant milestone that will take into an even more exclusive class of Bitcoin holders.
MicroStrategy Bitcoin Stash Nears 1% of Total Supply
On Monday, March 11, MicroStrategy’s Saylor disclosed that the firm had purchased an additional 12,000 BTC for $822 million at an average price of $68,477 per Bitcoin. Per the firm’s Form 8-K filing submitted with the SEC, it made the Bitcoin purchase with $781.1 million from its recent senior convertible notes offering and $40.6 million in excess cash.
With the recent purchase, MicroStrategy now “hodls” 205,000 BTC acquired for about $6.91 billion at an average price of $33,706 per Bitcoin. The purchase comes as the asset continues to surge to new record highs; at current rates of over $72,600 per Bitcoin, the firm’s stash is now worth over $14.9 billion, representing an over $8 billion gain.
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As quickly highlighted by market observers, the firm is now only 5,000 BTC away from joining an exclusive and small class of entities holding at least 210,000 BTC or 1% of the total BTC supply. These entities include only Bitcoin’s creator “Satoshi Nakamoto,” with about 1.1 million BTC, and Grayscale, with nearly 400,000 BTC.
With Bitcoin’s price recovering in the past year, MicroStrategy’s (MSTR) share price has also fared favorably, surging over 570% from around $200 in March 2023 to over $1,500 at the time of writing.
On the Flipside
- MicroStrategy reported a 6% decline in total year-over-year revenue in Q4 2023.
- MicroStrategy’s Bitcoin purchases have raised centralization concerns in some circles.
Why This Matters
The recent purchase further solidifies MicroStrategy’s place at the top of the list of publicly listed companies with Bitcoin holdings.
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Read this for more on MicroStrategy’s Bitcoin purchases:
MicroStrategy’s Bitcoin Shopping Spree Continues, Buys 850 BTC
Learn about MATIC’s recent price action:
