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MicroStrategy Buys $4.6B in Bitcoin, Holdings Exceed US Government's at 331,200 BTC

Nov 18, 2024, 02:31 PM

MicroStrategy has made its largest Bitcoin purchase to date, acquiring 51,780 BTC for $4.6 billion at an average price of approximately $88,627 per Bitcoin. This acquisition brings the company's total holdings to 331,200 BTC, worth about $30 billion, representing approximately 1.6% of the total Bitcoin supply and surpassing the US government's holdings of 208,108 BTC. With this purchase, MicroStrategy now holds more Bitcoin than the cash reserves of corporations like IBM, Nike, and Johnson & Johnson. The company plans to raise an additional $42 billion over the next three years to further increase its Bitcoin holdings and has announced a $1.75 billion private note offering to fund more purchases. MicroStrategy's aggressive Bitcoin accumulation strategy has led to its stock price surging to record highs, outperforming major indices and tech giants, with a year-to-date increase of over 462% compared to Bitcoin's 106% gain. CEO Michael Saylor has indicated that the company's $42 billion Bitcoin acquisition plan could be completed much sooner than the proposed three-year timeline, potentially accelerating their growth in Bitcoin holdings.