MicroStrategy Acquires More Bitcoin Through Stock Sale
2024-12-23
Category: None

By Denny Jacob
MicroStrategy is going deeper on its belief in bitcoin.
The software company disclosed that between Dec. 16 and Dec. 22, it acquired about 5,262 bitcoins for around $561 million in cash, according to a securities filing. It noted that it purchased the bitcoins at an average price of about $106,662 a bitcoin, inclusive of fees and expenses, which it funded with proceeds from a recent sale of about 1.3 million shares.
MicroStrategy said as of Sunday that it held an aggregate of about 444,262 bitcoins.
MicroStrategy has attracted a legion of fans since it ditched its original business model to borrow billions and buy bitcoin. Shares have more than quintupled this year, including a 60% advance since Election Day.
Write to Denny Jacob at denny.jacob@wsj.com