MicroStrategy added 5,455 bitcoins between August 1 and September 24, an SEC filing shows. Shares were sold to finance the purchase. The firm now holds 158,245 bitcoins, worth about $4.1 billion. The latest bitcoin-buying spree came as prices for the token were sliding. Loading Something is loading.
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Software firm MicroStrategy spent $147.3 million on bitcoin purchases over the past two months, using stock sales to help finance the investment, an SEC filing shows.
The acquisitions added 5,455 bitcoins between August 1 and September 24, expanding the firm’s stockpile to 158,245 tokens. Aside from fees and expenses, these were bought at an average price of $27,053. To finance the $150 million bitcoin acquisition, 403,362 company shares were sold.
On Tuesday, bitcoin dipped 0.5% to $26,169. Based on current market prices, MicroStrategy’s total bitcoin holdings are equal to over $4.1 billion.
In early August, MicroStrategy co-founder Michael Saylor touted the possibility of cashing in shares to accumulate more tokens. A long-time bull on bitcoin, he predicted in June that the coin’s dominance would double under the SEC’s crackdown on other sectors of the crypto market.
“Our goal is to accumulate as much bitcoin as we can on behalf of our shareholders,” he told Bloomberg in August.
A previous filing from that month indicated that MicroStrategy could sell up to $750 million in stock to fund its bitcoin expansion. Stock sales were also used in July, when the firm added over 12,000 bitcoins.
But since its July peak, the token’s price has plummeted around 13%, dropping from over $31,000. In the same timeframe, Microstrategy stock has fallen 20%.
Earlier in the year, a 72% rally in bitcoin helped MicroStrategy achieve its first profitable quarter in over two years. The company began building its bitcoin trove in 2020, and had to take a large writedown after the token plunged in 2022.