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Michael Saylor's MicroStrategy Makes Mammoth BTC Purchase, Adding 55,500 Tokens for $5.4B
This latest acquisition took place over the past few days, with current holdings now valued at nearly $38 billion.
What to know:
- MicroStrategy bought 55,500 more bitcoin over the past week for $5.4B, bringing its total holding to 386,700 BTC.
- MicroStrategy recently entered the top 100 U.S. publicly traded companies by market cap, briefly surpassing $100 billion valuation.
- The Nasdaq 100 Index begins its annual reranking this week, with results set to be announced on Dec. 13.
Disclaimer: The analyst who wrote this piece owns shares of MicroStrategy (MSTR).
STORY CONTINUES BELOW
Bitcoin Development Company MicroStrategy (MSTR) added 55,500 of the largest cryptocurrency for $5.4 billion, bringing its holdings to 386.700 BTC worth nearly $38 billion.
The company paid an average $97,862 per bitcoin in thjs latest purchase, according to a statement Monday morning, and the buys took place over the six days ended yesterday. Overall, its 386,700 bitcoin were acquired for $21.9 billion, or an average price of $56,761. BTC was trading around $97,500 at the time of publication.
The company, which adopted the bitcoin-purchase strategy in 2020, has been in the spotlight in recent weeks due to its continuing large BTC acquisitions a run-up in its share price. A 515% increase this year briefly took it into the top 100 largest U.S. publicly traded companies by market cap.
This purchase comes after MicroStrategy's last week completed its latest sale of convertible debt, raising $3 billion on the note due 2029 with a 0% coupon and a 55% conversion premium. The conversion premium equates to a share price of about $672.40. The shares are higher are by 3.3% premarket to $436.
The Nasdaq 100 is approaching its annual reranking, the announcement takes place on Dec. 13, with the rebalancing occurring after market close on Dec. 20. MicroStrategy is waiting in the wings to find out if it has been included in the index.
In addition, Semler Scientific (SMLR) has announced its acquired an additional 297 BTC, increasing its total bitcoin holdings to 1,570 BTC. Alongside this, the company has expanded its at-the-market (ATM) offering, adding $50 million in shares to its existing program, bringing the total of its ATM to $100 million.
James Van Straten
James Van Straten is a Senior Analyst at CoinDesk, specializing in Bitcoin and its interplay with the macroeconomic environment. Previously, James worked as a Research Analyst at Saidler & Co., a Swiss hedge fund, where he developed expertise in on-chain analytics. His work focuses on monitoring flows to analyze Bitcoin's role within the broader financial system.
In addition to his professional endeavors, James serves as an advisor to Coinsilium, a UK publicly traded company, where he provides guidance on their Bitcoin treasury strategy. He also holds investments in Bitcoin, MicroStrategy (MSTR), and Semler Scientific (SMLR).
