MicroStrategy Buys Another $209 Million Worth of Bitcoin Before New Year’s Eve
2024-12-31
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Michael Saylor announced today that MicroStrategy purchased over 2,000 BTC on December 30, continuing a broad strategy of Bitcoin acquisition. This is potentially the firm’s final purchase of 2024.
The company has continued making major buys in spite of fresh turmoil in the crypto market, furthering speculation of a changed strategy in 2025.
MicroStrategy Buys More Bitcoin
According to the SEC filing, Microstrategy spent $209 million on today’s Bitcoin acquisition, paying over $97.8 million per BTC. It was the fifth purchase of December, and most notably, this is the eighth straight week that the firm has made consecutive BTC purchases.
However, this wasn’t a surprise, as Michael Saylor said in early December that the firm would ramp up its acquisition of the world’s largest exchange. Saylor even advised investors to adopt dollar-cost averaging (DCA) and invest in Bitcoin every quarter.
Nonetheless, today’s acquisition further extends MicroStrategy’s lead as the largest Bitcoin holder among publicly listed corporations.
“MicroStrategy has acquired 2,138 BTC for ~$209 million at ~$97,837 per bitcoin and has achieved BTC Yield of 47.8% QTD and 74.1% YTD. As of 12/29/2024, we hold 446,400 BTC acquired for ~$27.9 billion at ~$62,428 per bitcoin,” Saylor claimed via social media post.
Last week, the company purchased $561 million worth of BTC after Saylor publicly advocated a US Bitcoin Reserve. The company remains firm on its aggressive Bitcoin accumulation strategy, as Saylor called a shareholders meeting last week to discuss potential changes in equity issuance.
Essentially, Saylor wants MicroStrategy to issue more shares, the proceeds of which can be used for further purchases. Yet, Bitcoin’s recent liquidations and pullbacks have been a concern. This is potentially why the latest purchases have been at a smaller value compared to the earlier purchases in November and December.
Saylor’s Aggressive Acquisitions Might Pause in January
The leading cryptocurrency hit major price resistance, and experts are projecting that a bear market is likely. There are also reported rumors that MicroStrategy will pause its Bitcoin purchases in January.
The firm’s stock value has actually outpaced Bitcoin’s growth in the last year, but that can present a double-edged sword. MicroStrategy is significantly overleveraged in Bitcoin, using tools like debt, equity sales, and 0% convertible bonds to fuel more buys. However, this “all-in” strategy makes the company more vulnerable to market instability.
If anything, MicroStrategy is only doubling down on its Bitcoin investment. Yesterday, Saylor publicly hinted at some new action on the BTC front, but he suggested another major purchase, not a hiatus.
The new year is almost upon us, and there are precious few signs of a January pause. If a real stop is going to take place, Saylor will need to signal it very soon.