Michael Saylor’s MicroStrategy Reinforces Position as Largest Bitcoin Holder, Buys Another 27,200 BTC, Worth 2.03 Billion USD.
The purchases took place between October 31 and November 10, 2024, with an average price per coin of 74,463 USD, including fees, bringing MicroStrategy’s total Bitcoin holdings to approximately 279,420 BTC, with a total investment of 11.9 billion USD.
MicroStrategy’s average Bitcoin purchase price is 42,600 USD
Currently, the average purchase price for MicroStrategy is 42,692 USD per coin, compared to BTC market price of 81,700 USD.
Bitcoin broke through a new all-time high of over 86,000 USD on Monday, fueled by rising anticipation over the US election, which brought several pro-crypto candidates to office.
Bitcoin’s recovery reflects intense activity in futures markets, with open positions for bitcoin on Deribit trading exceeding 90,000 USD, exceeding 2.8 billion USD.
MicroStrategy has acquired 27,200 BTC for ~$2.03 billion at ~$74,463 per #bitcoin and has achieved BTC Yield of 7.3% QTD and 26.4% YTD. As of 11/10/2024, we hodl 279,420 $BTC acquired for ~$11.9 billion at ~$42,692 per bitcoin. $MSTR https://t.co/uCt8nNUVqd
— Michael Saylor⚡️ (@saylor) November 11, 2024
Meanwhile, MicroStrategy’s latest acquisition came on the heels of a mixed earnings report, with the company reporting quarterly revenue of 116 million USD, below expectations of 122.66 million USD.
However, MicroStrategy’s BTC investment strategy remains strong, with plans to raise 42 billion USD for future BTC purchases, dubbed “Plan 21/21,” of which 21 billion USD will be raised from partnerships and 21 billion USD from fixed income securities.
Companies are starting to use Bitcoin as a reserve asset.
The uncertain economic environment, with rising inflationary pressures and geopolitical tensions, has led corporate finance departments to consider BTC as a reserve asset.
Recently, digital asset services platform Abra launched a service for organizations that want to hold cryptocurrencies as a reserve asset on their balance sheet.
Similarly, Japanese investment firm Metaplanet has been steadily increasing its BTC holdings since May, when it announced plans to use BTC as a strategic fiscal reserve. The move comes in the wake of Japan’s economic challenges, such as high public debt, negative interest rates, and a weaker yen.
In addition to the Bitcoin purchase, Metaplanet revealed that it will exercise its stock option to create an additional 299.7 million yen in capital for future Bitcoin purchases. The company also announced a partnership with SBI VC Trade, the crypto subsidiary of the SBI Group, to provide access to a crypto storage service for corporations that improves tax efficiency and provides a funding option using Bitcoin as collateral.
Last month, Metaplanet raised about 10 billion yen ($66 million) through a rights offering, attracting 13,774 individual shareholders.
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