MicroStrategy continues its Bitcoin acquisition spree by adding 15,400 BTC to its portfolio, bringing the total to over 400,000 BTC. This significant purchase surge follows the company’s initiative to raise $21 billion through stock sales for additional Bitcoin acquisitions.
In the previous week, MicroStrategy sold 3.7 million MSTR shares, generating approximately $1.5 billion, which was promptly reinvested into Bitcoin. This marks the fourth consecutive week of Bitcoin purchases by the firm.
The company has $11.3 billion remaining in stock issuance under its at-the-market share program, aiming to reach $21 billion through fixed-income securities by 2027.
MicroStrategy's average Bitcoin purchase price now stands at $56,658 per coin. This has led other companies, like MARA Holdings, to initiate similar strategies, acquiring $618 million in Bitcoin recently.
MARA Holdings is pursuing a $700 million convertible senior note offering to fund further Bitcoin purchases, reflecting a shift in strategy from selling mined Bitcoin to accumulating it.
Riot Platforms has also announced plans to halt selling mined Bitcoin after experiencing significant share value drops this year.
Bitcoin’s market price trades between $91,000 and $98,000, failing to breach the $100,000 mark, with a slight recent decline of 1.6%.
