Investing.com – MicroStrategy Incorporated (NASDAQ:) added 52,000 bitcoins to its portfolio worth $4.6 billion over the last week, marking the largest purchase in the company’s history, software firm disclosed in a regulatory filing on Monday.
MicroStrategy’s shares surged 9%, reaching $371, with the stock having quintupled in value so far this year.
has been rallying since Donald Trump’s election as U.S. president driven by expectations of regulatory easing, and breached the $90,000 level last week to an all-time high.
The latest purchase took place between November 11 and November 17, 2024, for 51,780 at a price of about $88,627 per bitcoin. This has boosted its total holdings of the world’s biggest cryptocurrency to over 331,000 bitcoins, worth $16.5 billion.
To fund the acquisition, MicroStrategy raised $4.6 billion in net proceeds through the sale of 13.6 million shares under a sales agreement finalized in October 2024, the company disclosed in a filing to SEC.
The agreement allows the company to issue shares worth up to $21 billion through a group of financial agents, including TD Securities, Barclays (LON:), and others.
As of mid-November, MicroStrategy’s total bitcoin holdings have been acquired at an average price of $49,874 per bitcoin—substantially lower than the recent purchase price.
Since 2020, MicroStrategy has been acquiring and holding bitcoin as a strategic move, especially as revenue from its software business slowed. It is now the largest corporate holder of the cryptocurrency.
A Bernstein note published Monday suggested that Bitcoin could reach $100,000 imminently, with a target value of $200,000 by 2025.
