MicroStrategy (MSTR, Financial) has continued its aggressive acquisition of Bitcoin, adding 5,262 more coins despite recent market volatility. The company disclosed that it raised approximately $561 million through an at-the-market (ATM) stock offering to fund these purchases. The average purchase price was about $106,613 per Bitcoin, slightly below the historical high of $108,500.
As of now, MicroStrategy holds a total of 444,262 Bitcoins, with an average purchase price of $62,257, making it the largest corporate holder of Bitcoin globally. The company has been leveraging convertible bonds to fund these acquisitions, a strategy that carries significant risk, especially given its software business's inconsistent profitability.
Despite Bitcoin's recent price corrections, MicroStrategy's strategy has resulted in substantial unrealized gains. However, the company's stock price has dropped nearly 20% over the past week, reflecting Bitcoin's market fluctuations.
