MicroStrategy, Inc. (MSTR) has deepened its commitment to Bitcoin by acquiring approximately 55,500 bitcoins for $5.4 billion between November 18 and November 24, 2024. This substantial purchase was executed at an average price of $97,862 per bitcoin, inclusive of fees and expenses, according to a recent filing.
The acquisition was financed through two major channels: a $3 billion convertible notes offering and proceeds from the sale of 5.6 million shares under its at-the-market (ATM) equity program, which raised $2.46 billion. The convertible senior notes, due 2029, carry a 0% interest rate and a conversion premium of 55% over the stock’s weighted average trading price, contributing $2.97 billion in net proceeds.
This latest transaction brings MicroStrategy’s total Bitcoin holdings to approximately 386,700, acquired for a cumulative $21.9 billion at an average price of $56,761 per bitcoin. This marks a strong reaffirmation of the company’s strategy, with CEO Michael Saylor consistently championing Bitcoin as a strategic asset.
MicroStrategy continues to hold substantial liquidity, with $12.8 billion available under its ATM equity program as of November 24, 2024. This financial flexibility positions the company for further investments in Bitcoin or other strategic opportunities. The move underscores MicroStrategy’s unwavering confidence in Bitcoin as a transformative asset class.
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