MicroStrategy Buys $243M More Worth of Bitcoin

Michael Saylor’s software company continues plan to buy and hold the cryptocurrency.


Via Shutterstock


key takeaways

  • MicroStrategy has spent $3.2 billion on bitcoin to date, holding 114,042 bitcoins for an average price of $27,713
  • The firm owned 0.58% of the roughly 18.75 million bitcoins mined to date as of last month amid what Saylor called a “land grab” for the crypto asset

MicroStrategy has purchased an additional 5,050 bitcoins for about $243 million, according to a disclosure filed with the SEC.

The Virginia-based software company paid an average price of $48,099 for the latest bitcoins, CEO Michael Saylor said in a Twitter post on Monday. MicroStrategy now holds 114,042 bitcoins, which it acquired for an average price of $27,713, or nearly $3.2 billion in total, he added.

Loading Tweet..

The price of bitcoin was about $44,450, as of 12:30 pm eastern time, according to CoinGecko. That figure was down 3.7% in the last 24 hours and a decrease of 14.1% from seven days ago, the data shows.  

Bitcoin peaked at about $64,000 in April before falling to below $30,000 as recently as July.

A spokesperson for MicroStrategy did not immediately return Blockworks’ request for comment about its most recent bitcoin purchase.

The latest buy comes a few weeks after MicroStrategy had added $177 million in cash at an average price of about $45,294. The firm owned 0.58% of the roughly 18.75 million bitcoins mined to date, which is the highest amount of bitcoin holdings for a public company, according to data by Buy Bitcoin Worldwide.

Saylor said during the firm’s third quarter earnings call at the end of July that the firm will continue to buy and hold bitcoin, a digital property that he noted is “the most compelling technical opportunity of the decade.”

“There will never be more than 21 million bitcoin, and we feel like there’s a land grab right now to acquire as much as you can,” Saylor said at the time.

He also noted during the call that big tech companies, such as Apple, Google, Facebook and Amazon, could generate $1 trillion of value just by plugging into bitcoin.

Because of the amount of bitcoin it holds, MicroStrategy has become a “bitcoin proxy” for investment products seeking exposure to blockchain, Sumit Roy, crypto editor and analyst at ETF.com, previously said.  

Other companies are also putting bitcoin on their balance sheets as investors seek out a hedge against currency debasement. Tesla, Galaxy Digital and Voyager Digital are among the others that have made substantial bitcoin investments. 

Tokyo-based gaming giant Nexon also purchased $100 million in bitcoin earlier this year at an average price of $58,226. The purchase represented 2% of Nexon’s cash on hand.

Companies holding cryptocurrencies should become commonplace, David Tawil, president of ProChain Capital, previously told Blockworks. Those with a dominating shareholder or leader are likely to be first to own bitcoin before investors start inquiring about other corporations to do so, he noted.

Are you a UK or EU reader that can’t get enough investor-focused content on digital assets?Join us in London on November 15th and 16th for the Digital Asset Summit (DAS) London. Use code ARTICLE for £75 off your ticket. Buy it now.


    Upcoming Events

    Salt Lake City, UT

    MON - TUES, OCT. 7 - 8, 2024

    Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

    Salt Lake City, UT

    WED - FRI, OCTOBER 9 - 11, 2024

    Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

    recent research

    Unlocked by Template.png


    With the spot ETH ETF approval, the institutions are coming. stETH - given its dominance in marketshare, existing liquid market structures, and highly desirable properties - is poised for institutions.


    Launching cryptocurrencies the old fashioned way may soon make a return


    Kraken and CertiK brought their beef to social media after Kraken said researchers exploited $3 million through a bug


    NVIDIA’s historic run is only deepening the divide between mega-cap tech stocks and the rest of the market.


    EIP-7702 was quickly adopted for the next Ethereum upgrade, but developers haven’t quite locked it down