MicroStrategy has further cemented its position as the largest corporate Bitcoin holder by acquiring an additional 15,350 BTC for approximately $1.5 billion between December 9 and December 15, according to an 8-K filing with the Securities and Exchange Commission (SEC) on Monday. The latest purchase was made at an average price of $100,386 per Bitcoin, continuing the firm’s aggressive expansion into the digital asset space.
To fund the acquisition, MicroStrategy sold 3.88 million shares during the same period, raising an equivalent $1.5 billion. As of December 15, the company revealed that it still has approximately $7.65 billion worth of shares available for sale as part of its broader $21 billion equity offering, supplemented by an additional $21 billion in fixed-income securities, forming a massive $42 billion capital raise earmarked for further Bitcoin purchases.
With this latest acquisition, MicroStrategy now holds 439,000 BTC, worth over $45 billion at current market prices. According to Michael Saylor, the company’s co-founder and executive chairman, the firm’s total Bitcoin position was acquired at an average price of $61,725 per coin, amounting to a total investment of $27.1 billion, including fees and expenses. This represents approximately 2.1% of Bitcoin’s finite 21 million supply.
This move comes just a week after MicroStrategy announced its acquisition of 21,550 BTC for approximately $2.1 billion, and another $1.5 billion worth of Bitcoin the week prior. In total, the company has added $17.5 billion in Bitcoin — representing 39% of its current $45 billion position — over the past six weeks alone.
Despite concerns from some investors regarding the premium valuation of MicroStrategy’s market cap relative to its Bitcoin net asset value (NAV), the company’s stock has surged 490% year-to-date, reflecting robust investor interest. MicroStrategy shares closed up 4.2% at $408.67 on Friday and showed additional gains of 3.5% in pre-market trading on Monday.
Analysts at research and brokerage firm Bernstein expressed confidence in MicroStrategy’s trajectory, highlighting its ability to issue more debt or tap into its equity offerings to fund further Bitcoin acquisitions. “At 18% leverage levels, MicroStrategy has room to issue more debt,” said Gautam Chhugani, Bernstein’s lead analyst. “If Bitcoin’s price remains range-bound around $100K, we expect MicroStrategy to sustain its aggressive buying strategy.”
The company employs a unique performance metric, “Bitcoin Yield,” which measures the percentage change in its Bitcoin holdings relative to its diluted shares. As of December 15, MicroStrategy’s year-to-date Bitcoin Yield stands at 72.4%, underscoring the company’s ability to efficiently balance share dilution while aggressively accumulating Bitcoin to drive long-term shareholder value.
MicroStrategy’s bold strategy continues to resonate with investors who see the firm as a high-leverage vehicle for exposure to Bitcoin’s price movements, while critics point to potential risks tied to its heavily debt-fueled approach. Nonetheless, the firm’s $92 billion market cap underscores its influential role in bridging the gap between traditional finance and cryptocurrency.
