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MicroStrategy Acquires 18,300 Bitcoin Worth $1.11 Billion
Business intelligence company MicroStrategy has once again made headlines with its recent acquisition of 18,300 Bitcoin, valued at approximately $1.11 billion. This substantial purchase, the largest by the company in over three years, was disclosed in a recent filing with the US Securities and Exchange Commission (SEC). The acquisition period was between August 6 and September 12, 2024.
MicroStrategy Now Holds 1% Of All BTC Ever Issued
With this latest acquisition, MicroStrategy’s total Bitcoin holdings have reached around 244,800 BTC, valued at an estimated $14 billion. This represents about 1% of all Bitcoin ever issued. The company acquired its Bitcoin at an aggregate purchase price of approximately $9.45 billion, with an average purchase price of about $38,585 per BTC.
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According to Bloomberg, the acquisition was financed through the issuance and sale of common shares, a strategy that aligns with the company’s broader capital allocation plan. In August, MicroStrategy conducted a 10-for-1 stock split to make its shares more accessible to both investors and employees.
Headquartered in Tysons Corner, Virginia, MicroStrategy began its Bitcoin acquisition strategy in 2020 as a hedge against inflation. Co-founder and executive chairman Michael Saylor has been a vocal advocate for Bitcoin, seeing it as a superior store of value compared to traditional assets like cash, bonds, or gold. Despite the volatility in the cryptocurrency market, Saylor remains confident in Bitcoin’s long-term potential and continues to accumulate more digital assets.
Bitcoin Price Analysis
As reported by NewsBTC, Saylor revealed that he personally owns about $1 billion worth of BTC and has no plans to sell any of his holdings. He believes Bitcoin is an excellent investment for individuals, families, institutions, and even countries. Furthermore, Saylor’s belief in BTC’s potential is reflected in his prediction that the cryptocurrency could reach a value of $13 million by 2045, based on the assumption that BTC will eventually capture 7% of the world’s capital.
This strategic investment has also led to a significant rise in MicroStrategy’s stock (MSTR), which has more than doubled this year. This performance outpaces the approximately 40% increase in Bitcoin’s price over the same period.
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At the time of writing, Bitcoin is trading at $58,820, up 2.3% in the last 24 hours and over 8% in the last seven days alone. This trend could potentially signal a continuation of the recovery seen not only in Bitcoin but also in the broader cryptocurrency market, which has managed to endure notable spikes in volatility.
The daily chart indicates that Bitcoin’s price is trending upwards. However, BTC’s ability to move higher will be determined by its capacity to break through its biggest resistance wall to date, the 200-day exponential moving average on the daily BTC/USDT chart. This resistance is marked by the yellow line at $59,775.
Stay tuned for more updates on MicroStrategy’s Bitcoin acquisitions and how they impact the cryptocurrency market.
