he firm Microstrategy has purchased around 27,200 bitcoins between October 31 and November 10, at an average of approximately $74,463 per BTC. This strategic purchase has been made at a time when the price of Bitcoin was rising to aboves $82,000.
Portfolio Overview
Still, the company currently owns approximately 279,420 BTC, which is 1.3% of the total circulated Bitcoin. Being has been bought for an average price of $42,692 each, MicroStrategy’s $11.9 billion portfolio is now worth over $20 billion, realizing more than $10 billion in gains on paper.
Funding Strategy
The purchase was funded through stock sales under two agreements: a August 2024 $2 billion deal and an October 2024 $21 billion deal. By the close of November 10, the company has placed out 7,854,647 of the shares and realized proceeds of about $2.03 billion.
Market Impact
MicroStrategy’s shares increased by about 10% in pre-market trading and hit $270. The company has 197,300,000 outstanding shares, each share equivalent to 0.00124464 of a BTC.
Big Win for MSTR’s Bitcoin Strategy
MicroStrategy’s ongoing approach to purchasing more Bitcoin is solid institutional endorsement of cryptocurrencies, as its shareholders enjoy sizable unrealized appreciation on their holdings, even with diluted shares.
