- MicroStrategy continues its pursuit of Bitcoin.
- The firm has set its sights on a new goal.
- MicroStrategy recently formed an initiative to bolster its Bitcoin mission.
MicroStrategy, the U.S.-based tech company and world’s largest publicly traded holder of Bitcoin (BTC), has been on a relentless buying spree all year. Since beginning its Bitcoin portfolio in August 2020, MicroStrategy has been renowned for rarely missing an opportunity to expand its holdings, constantly devising innovative approaches to accumulate the crypto giant.
Even with an already substantial billion-dollar portfolio at the ready, the firm shows no intention of slowing down.
MicroStrategy’s Bitcoin Mission Continues
Recently revealed Q2 2024 financial results highlighted MicroStrategy’s Bitcoin strategy, showcasing both its achievements to date and future ambitions. According to the documents, the firm’s BTC holdings now total 226,500, worth approximately $15 billion at current rates.
Sponsored
This follows the acquisition of 12,222 bitcoins throughout Q2, including the 11,900 BTC purchase announced earlier in June. The total Q2 BTC purchase was valued at $805.2 million, with an average price of $65,882 per BTC unit.
MicroStrategy CFO Andrew Kang highlighted that these purchases were supported by the firm’s recent successful capital raise.
“In Q2, we successfully raised an additional $800 million through our offering of 2.25% convertible senior notes due 2032 and called for redemption of our $650 million convertible senior notes due 2025. Since the beginning of Q2, we grew our bitcoin holdings by adding 12,222 bitcoins through proceeds from our capital markets activities and excess cash,” he stated.
Looking ahead, Kang confirmed that the firm is planning further expansion, stating, “We are actively managing our equity capital and are preparing to launch a new $2 billion at-the-market equity offering program.”
As part of efforts to further strengthen its Bitcoin mission, MicroStrategy recently announced a new institution-focused initiative.
‘Bitcoin for Corporations’ by MicroStrategy
At the recently concluded Bitcoin 2024 convention, MicroStrategy chairman Michael Saylor unveiled ‘Bitcoin for Corporations,’ an initiative aimed at helping business leaders implement corporate BTC strategies.
The global program has welcomed various partners in different membership tiers for collaboration, including MicroStrategy and Bitcoin Magazine as founding members.
Other corporations involved include the Japan-based firm Metaplanet as a premier member, as well as the firm PublicSquare as an executive partner.
On the Flipside
- Bitcoin is trading at $64,803 at press time.
- MicroStrategy’s 226,500 BTC holdings represent a total cost of $8.3 billion, or $36,821 per Bitcoin, marking a total profit of $6.3 billion at current rates.
Why This Matters
A 226,500 BTC portfolio positions MicroStrategy among the world’s largest holders of Bitcoin, and the promise of expansion underscores the firm’s commitment to solidifying its space within the industry.
Read more about other MicroStrategy collaborations targeted at promoting its vision:
MicroStrategy Takes on Worldcoin ID with Bitcoin Inscriptions
Find out more about the latest update in the ongoing Mt. Gox settlement in this article
Mt.Gox Confirms Completion of BTC Payments to 17,000 Creditors
