MicroStrategy Spends Another $177M on Bitcoin

The biggest corporate investor in Bitcoin, MicroStrategy, bought an additional $177 million worth of the asset.

Photo: Bloomberg

Key Takeaways

  • Michael Saylor’s MicroStrategy purchased an additional $177 million worth of Bitcoin at an average price of $45,294 per coin.
  • The company has now accumulated ~108,992 bitcoins, currently worth roughly $5.3 billion.
  • MicroStrategy is the world’s biggest corporate Bitcoin holder.

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Virginia-based software and data analytics company MicroStrategy has added another 3,907 Bitcoin to its balance sheet. 

MicroStrategy Keeps Stacking Bitcoin

Whereas most retail investors can only afford to “stack sats,” MicroStrategy is stacking Bitcoin—and thousands of them at a time.

According to a Tuesday Form 8-K filing with the United States Securities and Exchange Commission (SEC), Michael Saylor’s business intelligence company purchased 3,907 more BTC between Jul. 1 and Aug. 23 at an average price of about $45,294 per coin.

As of Aug. 23, MicroStrategy holds approximately 108,992 Bitcoin, acquired at an aggregate purchase price of $2.918 billion and an average purchase price of roughly $26,769 per coin. 

Needless to say, Saylor’s big bets on Bitcoin have paid off. With Bitcoin trading around $48,500, the company’s holdings are currently worth approximately $5.29 billion, or about 90% more than its original investment.

In June, the company completed a $500 million debt raise to purchase Bitcoin by issuing senior seven-year debt notes at an annual interest rate of 6.125%. Many in the industry now consider the MSTR stock a pseudo-Bitcoin ETF as more than 60% of the company’s purchases came from the $2.1 trillion raised through stock convertible and debt notes. 

When discussing MicroStrategy’s long-term Bitcoin approach, Saylor has made it clear that the firm has no plans to sell anytime soon. Saylor has previously discussed how he believes in buying and holding “pristine assets” and that he sees Bitcoin as “sound money.” On a recent Unchained podcast, he memorably explained his lack of desire to sell Bitcoin by telling host Laura Shin that “when you have the superior asset, it’s going up forever.” 

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