MicroStrategy Increases its BTC Reserves

MicroStrategy acquired approximately 55,500 more Bitcoins for around $5.4 billion between November 18-24, representing a 17% increase in its overall Bitcoin holdings. This information was disclosed in a filing released by the company on Monday.

As a software company with a significant amount of Bitcoin on its balance sheet, MicroStrategy is often seen as a proxy for the cryptocurrency. It continues to purchase Bitcoin while the token remains just under $100,000, with its latest batch acquired at an average price of $97,862.

As of November 24, MicroStrategy holds approximately 386,700 Bitcoins, which were acquired for a total price of approximately $21.9 billion. This includes fees and expenses and an average purchase price of $56,761 per Bitcoin. In response to this news, MicroStrategy’s stock rose by 2.8% in Monday’s premarket trading.

The recent purchases were preceded by MicroStrategy’s private offering of 0% convertible senior notes due in 2029, which raised approximately $2.97 billion in net proceeds. The company also sold 5,597,849 shares under its at-the-market sales agreement, resulting in net proceeds of approximately $2.46 billion. As of November 24, MicroStrategy still has approximately $12.8 billion in shares available for issuance and sale under its sales agreements.