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MicroStrategy buys more than 27,000 Bitcoins and shares rise 8%
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Just over 10 days after announcing a bold Bitcoin (BTC) purchase strategy, MicroStrategy announced the purchase of 27,200 new BTC. According to the company, the amount paid for BTC was US$2 billion.
As a result, the company created by Michael Saylor holds 279,420 BTC and isolates itself as the listed company with the largest cryptocurrency cash. Furthermore, the announcement of the new purchase comes amid a strong rise in Bitcoin, which reached new historic highs this Monday (11).
According to CoinGecko, BTC reached US$84,560, an increase of 6% in 24 hours, which leaves MicroStrategy with an unrealized profit of US$10 billion. Meanwhile, the company’s shares rose 8% shortly after the announcement.
MicroStrategy announced in a press release that it acquired 27,200 BTC for $2 billion. The company’s average price in this operation was US$74,463 per Bitcoin and the purchase took place between October 31st and November 10th.
MicroStrategy acquires 27,200 BTC
This brings the company’s cash to 279,420 BTC, which it acquired for a total of US$11.9 billion. The company’s average total price is $42,692 per BTC – more than double the cryptocurrency’s current price.
The company also revealed that it obtained a return of 7.3% on its BTC in the quarter and 26.4% in the year to date, as of the date of publication of this text.
For MicroStrategy, BTC yield is a key performance indicator (KPI), which “represents the period-to-period percentage change in the ratio between the company’s bitcoin holdings and its Assumed Diluted Shares Outstanding.”
This comes at a time when the price of Bitcoin is reaching all-time highs, which has already set the company’s investment at an unrealized profit of more than $10 billion. MicroStrategy has continued acquiring since August 2020 as part of a “Bitcoin Strategy” that Michael Saylor developed.
Data from TradingView shows that MicroStrategy (MSTR) shares rose 8% amid this Bitcoin acquisition announcement. In other words, two percentage points more than BTC, which accumulates gains of 6% on the day.
MSTR shares are up more than 300% year to date, outperforming Bitcoin and other major assets in the process. Interestingly, the shares have appreciated more than 1,000% since the company started buying BTC in 2020.
MicroStrategy buys more than 27,000 Bitcoins and shares rise 8%
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MicroStrategy buys more than 27,000 Bitcoins and shares rise 8%
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MicroStrategy buys more than 27,000 Bitcoins and shares rise 8%
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MicroStrategy buys more than 27,000 Bitcoins and shares rise 8%
