Heavy Bitcoin

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Bitpush
09-18
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On September 13, MicroStrategy, a business intelligence company led by co-founder Michael Saylor, bought another 18,300 bitcoins with a total value of approximately $1.11 billion. This purchase brought the company's total bitcoin holdings to 244,800, with a cumulative cost of $9.45 billion.

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The most recent purchase took place between August 6 and September 12, 2024, and was MicroStrategy's largest Bitcoin purchase since 2021. According to documents filed by the company with the U.S. Securities and Exchange Commission (SEC), the average price of the transaction was $60,408 per Bitcoin. Despite the challenging market environment in 2024, MicroStrategy continues to implement its Bitcoin reserve strategy, which began in 2020 to hedge against inflation at the time.
Michael Saylor highlighted in a statement that the company's year-to-date bitcoin gains have reached 17%, reflecting the appreciation of the cryptocurrency. Saylor has long advocated for bitcoin as a superior asset to cash, which he believes is vulnerable to inflation and depreciation. MicroStrategy's strategy has attracted widespread attention in the corporate and bitcoin communities, and other companies have followed suit to implement bitcoin fiscal policies.
According to Bloomberg, MicroStrategy's Bitcoin holdings are worth about $14 billion, accounting for about 1% of the total Bitcoin in circulation. The company has actively accumulated Bitcoin and has become the world's largest corporate holder of Bitcoin. As a staunch supporter of Bitcoin, Saylor sees these purchases as a major move to protect shareholder value by taking advantage of Bitcoin's long-term growth potential.
The purchase was funded by proceeds from the issuance and sale of common stock by MicroStrategy, a strategy the company has used in the past to fund its bitcoin purchases. Earlier this year, MicroStrategy conducted a 10-for-1 stock split, making it easier for investors and employees to access shares. The company's stock price soared more than 100% in 2024, outpacing Bitcoin's price gain of about 40% over the same period.
While MicroStrategy remains a public company pioneer in buying Bitcoin, few U.S. public companies have followed its lead, with Tesla and a handful of Bitcoin-related companies being notable exceptions. Nevertheless, MicroStrategy's latest purchase reaffirms its commitment to Bitcoin.
Author: tftc staff
Compiled by: Liam

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