FameEX Hot Topics | MicroStrategy Adds 5,445 Bitcoin to Its Portfolio, Total Holdings Reach 158,245 BTC

MicroStrategy, the Nasdaq-listed software intelligence company, has continued its strategic accumulation of Bitcoin, acquiring an additional 5,445 BTC between August 1st and September 24th, as reported in a filing with the U.S. Securities and Exchange Commission (SEC). This brings the company's total Bitcoin holdings to an impressive 158,245 BTC. 

MicroStrategy's founder and chairman, Michael Saylor, took to social media platform X to announce the acquisition. He revealed that the company had purchased the additional 5,445 BTC for approximately $147.3 million, at an average price of $27,053 per Bitcoin. As of September 24, 2023, MicroStrategy's holdings have a combined value of approximately $4.68 billion, with an average acquisition cost of $29,582 per Bitcoin. In addition to its Bitcoin purchases, MicroStrategy disclosed that, as of September 24th, the company had issued and sold 403,362 shares of its Class A common stock. These sales were conducted under a previously announced sales agreement initiated on August 1st, resulting in aggregate net proceeds of roughly $145.3 million.

This sales agreement, established with Cowen and Company LLC, Canaccord LLC, and Berenberg Capital Markets LLC, was created to issue and sell shares of MicroStrategy's Class A common stock. The agreement allows for an aggregate offering price of up to $750 million, which the company can access "from time to time." In their original announcement, MicroStrategy stated their intentions to utilize the net proceeds for various corporate purposes. These include further acquisitions of Bitcoin, bolstering working capital, and, subject to market conditions, repurchasing or repaying company debt.