MicroStrategy Adds 7,420 BTC to Its Stash, Reveals $1 Billion in Cash for Another Buying Round

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MicroStrategy has acquired 7,420 Bitcoin (BTC) for approximately $458.2 million, at an average price of $61,750 per BTC, as revealed by the company’s CEO Michael Saylor on September 20.

The tech company now has 252,220 BTC in its treasury, with an average price of $39,266 per BTC, for a total of $9.9 billion invested. It is worth noting that the company’s unrealized profit is close to $6 billion, considering Bitcoin’s price of $62,871.62 at the time of writing.

The company reported a BTC return of 5.1% quarter-to-date and 17.8% year-to-date as of September 19, 2024. MicroStrategy gained ground as the publicly traded company with the largest Bitcoin holdings, now with a lead of 226,275 BTC over Marathon Digital’s 25,945 BTC stash.

Additionally, this move comes a week after Saylor revealed a massive acquisition of 18,300 BTC on September 13, with an average price of $60,408, totaling approximately $1.11 billion.

This is a continuation of MicroStrategy’s acquisition spree seen in the second quarter, when the company added 12,222 BTC to its treasury by spending over $805 million.

In the third quarter, MicroStrategy added 25,720 BTC to its holdings.

Getting ready for a big sip

This may not be MicroStrategy’s last Bitcoin acquisition this quarter, however. The company announced it was issuing $700 million in senior convertible notes to buy more Bitcoin on September 16, but today revealed that the offering has been increased to over $1 billion.

It is not yet clear whether MicroStrategy will use the entire new money to acquire Bitcoin in a single large acquisition, like the one it filed on September 13. However, the company’s statement makes it clear that the money will be used to buy more Bitcoin.

Notably, this will bring MicroStrategy’s US dollar investment in Bitcoin closer to $11 billion, while surpassing the 270,000 BTC threshold.

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