March 21, 2024

MicroStrategy's Bitcoin Holdings Surpass 1% of Total Supply Post Latest Acquisition

Following a surge in private offering funds, MicroStrategy expands its bitcoin portfolio, now holding over 1% of the total bitcoin supply.

In another bold move, Michael Saylor's MicroStrategy has significantly bolstered its bitcoin holdings, now accounting for over 1% of the entire 21 million bitcoin supply. This latest acquisition, valued at over half a billion dollars, solidifies MicroStrategy's commitment to bitcoin as a key asset.

The timing of MicroStrategy's bitcoin buying spree coincides with a market correction, with the world's largest cryptocurrency experiencing a downturn of nearly 18% from its recent all-time highs. Despite market fluctuations, MicroStrategy remains steadfast in its strategy to accumulate digital assets.

According to recent filings, MicroStrategy secured an additional 9,245 bitcoins between March 11 and March 18, at an average price of approximately $67,382 per BTC, inclusive of fees and expenses. This acquisition amounted to a total cost of approximately $623 million.

Of this total, $592.3 million stemmed from the proceeds of a recent private offering of convertible senior notes, while $30.7 million was sourced from excess cash reserves, as outlined in the company's Form 10-K for the fiscal year ended December 31, 2023.

With this latest purchase, MicroStrategy and its subsidiaries now boast a substantial holding of approximately 214,246 bitcoins. This remarkable accumulation underscores MicroStrategy's position as a major player in the cryptocurrency market, with its holdings representing over 1% of the total BTC supply.

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The filing further reveals that these bitcoins were acquired at a total price of $7.53 billion, equating to roughly $35,160 per BTC, inclusive of fees and expenses. MicroStrategy's ongoing investments in bitcoin signal its confidence in the long-term viability and potential of bitcoin as a store of value.

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