MicroStrategy Boost Bitcoin Holdings With $5.4B Purchase

The business intelligence firm MicroStrategy has once again demonstrated its commitment to accumulating the largest crypto asset, bitcoin. In a recent disclosure, the company has acquired a whopping $5.4 billion worth of Bitcoin.

The latest purchase comes a few days after the business intelligence firm increased its convertible note offering from $1.75 billion to $2.6 billion.

MicroStrategy Continues BTC Buying Spree

According to Form 8-K filing with the United States Securities and Exchange Commission (SEC), MicroStrategy bought an additional 55,500 BTC between Nov. 18 and 24 for roughly $5.4 billion at an average price of $97,862 per coin. Notably, the latest move marks its third bitcoin acquisition this month.

The company now holds 386,700 bitcoins purchased for $21.9 billion at approximately $56,761 per bitcoin inclusive of fees and expenses. Following the recent acquisition, MicroStrategy has achieved a BTC yield of 35.2% quarter-to-date and 59.3% year-to-date.

According to the business intelligence firm, the purchase was funded from the proceeds from the convertible senior note offering.

With the latest purchase, MicroStrategy currently holds approximately 1.57% of the total Bitcoin supply. This means that the firm is 33,300 BTC away from HODLing 2% of the entire Bitcoin supply.

The company has been focused on becoming a Bitcoin treasury company and has become the largest institutional holder of the cryptocurrency.

Bullish Institutional Sentiment

In a related development, healthcare technology company Semler Scientific increased its Bitcoin holdings by acquiring 297 BTC for $29.1 million between Nov. 18 and Nov. 22, at an average price of $97,995 per BTC, according to a press release.

The company, which adopted a Bitcoin treasury strategy earlier this year, now holds 1,570 BTC, purchased at a cumulative cost of $117.8 million and an average price of $75,039 per coin.

The continuous buying spree by institutional players at Bitcoin near the $100,000 mark suggests their confidence and expectations that the crypto asset will see further growth driven by optimism over potential pro-crypto legislation under the U.S. president-elect’s administration. Bitcoin traded at $96,580 at press time, representing a 0.43% decline in the last 24 hours.