This purchase was financed by the sale of approximately US$2.13 billion in shares during the same period, reducing available capital to US$9.19 billion.
MicroStrategy continues to expand its bitcoin (BTC) acquisition strategy. In the last week, the company acquired 21,550 BTC, disbursing a total of US$2.1 billion at an average price of US$98,783 per token, according to a regulatory document filed on Monday.
This purchase was financed by the sale of approximately US$2.13 billion in shares during the same periodreducing the available capital of the US$21,000 million previously authorized for this program.
With this new acquisition, the company led by Michael Saylor reaches a total of 423,650 bitcoins, valued at around $42 billion. This represents more than 2% of the total BTC supply that will come into existence, limited to 21 million units.
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Analysts suggest that these massive purchases contributed to the recent momentum of bitcoinwhich exceeded US$100,000 last week, also driven by an increase in the activity of American investors. In addition, spot bitcoin exchange-traded funds (ETFs) in the United States reported capital inflows worth $2.7 billion between December 2 and 6, according to data from Farside Investors. Other companies in the sector, such as Riot Platforms, have also intensified their participation in the market with an issuance of convertible notes for US$500 million intended for the purchase of BTC.
Microstrategy shares soared in 2024
Since adopting this strategy in 2020, MicroStrategy has gained prominence, and its remarkable performance this year has led to a 500% increase in its share value. This positions it among the 100 largest American companies by market capitalization, with rumors of a possible inclusion in the Nasdaq 100. The changes to the selective will be announced on December 13 and will be implemented at the close of the market on December 20.
Optimism around the company has led brokers such as Bernstein and Canaccord to raise their price targets for MicroStrategy shares, setting them at 600 and 510 dollars, respectively, both with purchase recommendations.
“We view bitcoin as being in a structural bull market, supported by favorable regulation, US government support, growing institutional adoption, and a positive macroeconomic environment,” Bernstein says. In line with this vision, MicroStrategy recently announced its intention to acquire 42 billion in bitcoin over the next three years, and it is estimated that it could hold 4% of the global BTC supply by 2033, up from 1.7% currently.
Source: Ambito
