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MicroStrategy Buys a Further 2,138 BTC, Adding to Stash for 8th Consecutive Week
The purchase takes MicroStrategy's total bitcoin holdings to 446,400 BTC.
What to know:
- MicroStrategy increased its bitcoin holdings for an eighth consecutive week.
- The purchase was funded through share sales under the company's ATM program.
Disclaimer: The analyst who wrote this piece owns shares of MicroStrategy (MSTR)
MicroStrategy, the self-described bitcoin (BTC) development company, increased its holdings of the largest cryptocurrency for the eighth consecutive week.
STORY CONTINUES BELOW
The company, which already holds more bitcoin than any other publicly traded company, bought another 2,138 BTC for $209 million in the week ended Dec. 29, bringing its total holdings to 446,400 BTC.
Once again, Executive Chairman Michael Saylor teased the announcement on Sunday in a post on X. The average purchase price of bitcoin was $97,837, which raised the average purchase price to $62,428.
The purchase was funded through share sales under the company's at-the-market (ATM) program, for which they have $6.88 billion left on the ATM program.
MicroStrategy joined the Nasdaq 100 last week and currently ranks 57 with an index weighting of 0.38%.
The share price is currently 40% below the record high it hit Nov. 21. It is down 3% in pre-market trading, taking it to around $320 per share.
James Van Straten
James Van Straten is a Senior Analyst at CoinDesk, specializing in Bitcoin and its interplay with the macroeconomic environment. Previously, James worked as a Research Analyst at Saidler & Co., a Swiss hedge fund, where he developed expertise in on-chain analytics. His work focuses on monitoring flows to analyze Bitcoin's role within the broader financial system. In addition to his professional endeavors, James serves as an advisor to Coinsilium, a UK publicly traded company, where he provides guidance on their Bitcoin treasury strategy. He also holds investments in Bitcoin, MicroStrategy (MSTR), and Semler Scientific (SMLR).
