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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.
Updated Dec 30, 2024, 4:34 p.m. Published Dec 30, 2024, 1:07 p.m.
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 development company, increased its holdings of the largest cryptocurrency for the eighth consecutive week.
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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.
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