MicroStrategy Acquires More Bitcoin Through Stock Sale
2024-12-23
Category: news['category']

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