While some investors hold back from buying bitcoin when it hits new highs, MicroStrategy has doubled down, demonstrating a strong commitment to the cryptocurrency.
On November 11 btc-and-ATM-Activity-Raised-2.03-billion-Purchased-27200-btc-Now-Holds-279420-btc-with-btc-Yield-of-26.4-YTD” rel=”nofollow noopener” target=”_blank” text=”null” title=”https://www.businesswire.com/news/home/20241111351255/en/MicroStrategy-Announces-btc-and-ATM-Activity-Raised-2.03-billion-Purchased-27200-btc-Now-Holds-279420-btc-with-btc-Yield-of-26.4-YTD”>advertisementThe business intelligence firm turned bitcoin (btc) investor said it purchased 27,200 bitcoin for approximately $2.03 billion in cash. MicroStrategy purchased the coins between October 31 and November 10, at an average price of $74,463 per btc, including fees and expenses.
With the latest purchase, the company now owns a total of 279,420 btc, worth almost $23 billion at current market prices.
Sell shares to buy more bitcoin
According to MicroStrategy, the btc purchases were made with the proceeds from the issuance and sale of its shares.
MicroStrategy reported entering into sales agreements with several companies on August 1 and October 30. As of Nov. 10, it had sold approximately 7.8 million shares for about $2 billion.
The company also revealed that its btc performance, a key performance metric that evaluates its bitcoin acquisition strategy, was 7.3% from October 1 to November 10. Year-to-date, its btc return is 26.4%.
The news follows a surge in the company's share price following Donald Trump's victory in the US presidential election on November 5. On November 8, MicroStrategy's share price had soared 19.9% after Trump's victory was confirmed.
Related: crypto Greed Index Hits 7-Month High as bitcoin Surpasses $81,000
MicroStrategy bitcoin ROI Exceeds 100%
Meanwhile, MicroStrategy's bitcoin portfolio tracker “Saylor Tracker,” named after the company's CEO Michael Saylor, showed that the return on the company's btc investments had surpassed 100% on the 10th. November.
The data tracker showed that the company's holdings at the time had already surpassed $20.5 billion even before adding the company's latest btc purchase.
Data from BitcoinTreasuries shows that the company had purchased btc 42 times at an average price of $39,292. The company remains the largest corporate holder of btc, followed by the Marathon Digital and Riot platforms. The two companies hold btc worth about $2.1 billion and $840 million, respectively.
Magazine: crypto.com” rel=”null” target=”null” text=”null” title=”null”>Saylor Sued, FBI Warns of DeFi Exploits, and crypto.com Drops $495M Sponsorship: Hodler's Digest
