Michael Saylor’s company, MicroStrategy, has strengthened its position as the top corporate Bitcoin holder by acquiring an additional 27,200 BTC. This recent purchase, valued at $2.03 billion, was completed between October 31 and November 10, 2024. The average purchase price came to $74,463 per Bitcoin, according to the company’s statement.
With this addition, MicroStrategy’s total Bitcoin holdings have reached approximately 279,420 BTC. Altogether, the company has spent around $11.9 billion on these assets.
Table of Contents
- MicroStrategy’s Average Purchase Price Reaches $42,600
- Growing Corporate Interest in Bitcoin as a Reserve Asset
MicroStrategy’s Average Purchase Price Reaches $42,600
MicroStrategy’s average purchase price for Bitcoin now stands at $42,692 per coin. In comparison, Bitcoin’s current price has soared to a new high of $81,700. On Monday, Bitcoin hit an all-time record above $82,000. This surge was driven by optimism from U.S. elections, which brought several pro-crypto candidates into office.
Furthermore, Bitcoin’s upward momentum was echoed in futures markets. Open interest on the Deribit exchange surpassed $90,000 and reached a value exceeding $2.8 billion.
MicroStrategy’s Continued Bitcoin Strategy
MicroStrategy’s recent acquisition of 27,200 BTC cost around $2.03 billion, or approximately $74,463 per coin. This purchase has yielded quarterly BTC returns of 7.3% and annual returns of 26.4%. By November 10, 2024, the company held 279,420 BTC. These assets were acquired at an average cost of $42,692 per Bitcoin, totaling about $11.9 billion.
Despite missing revenue expectations in its latest earnings report, MicroStrategy remains committed to its Bitcoin-focused strategy. The report showed $116 million in quarterly sales, falling short of the $122.66 million forecast. However, the company plans to secure $42 billion in capital for future acquisitions. This “21/21 plan” aims to raise $21 billion each through equity and fixed-income securities, reinforcing its aggressive Bitcoin strategy.
Growing Corporate Interest in Bitcoin as a Reserve Asset
Amid ongoing economic uncertainty, including rising inflation and geopolitical tensions, corporate treasurers are increasingly considering Bitcoin as a reserve asset. Recently, Abra, a digital asset platform, launched services for companies interested in holding cryptocurrencies on their balance sheets.
Likewise, Japanese investment firm Metaplanet has been expanding its Bitcoin holdings since May. This decision is driven by economic challenges in Japan, including high government debt, negative interest rates, and a weakening yen.
In support of its Bitcoin strategy, Metaplanet exercised stock acquisition rights, raising about 299.7 million yen to fund further purchases. The firm has also partnered with SBI VC Trade, a crypto subsidiary of SBI Group, for access to corporate custody services. This partnership aims to optimize tax efficiency and allow financing options using Bitcoin as collateral. Last month, Metaplanet raised approximately 10 billion yen (around $66 million) through a stock acquisition rights offering, attracting 13,774 shareholders.
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