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As November concludes and December begins, business intelligence firm MicroStrategy has significantly accelerated its Bitcoin (BTC) acquisitionsslightly surpassing the milestone of 400,000 BTC in its portfolio.
This surge in purchases comes just over a month after the company announced ambitious plans to raise $21 billion through stock sales to fund additional Bitcoin acquisitions.
$1.5 billion from stock sale to Bitcoin
Last week alone, MicroStrategy sold 3.7 million MSTR stockgenerating approximately $1.5 billion in revenue, which was quickly reinvested into Bitcoin. This is the fourth consecutive week of Bitcoin purchases by the company.
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According to Bloomberg dataMicroStrategy has approximately $11.3 billion in equity issuances remaining under its equity market program. This initiative is part of a broader goal of reaching $21 billion in financing through fixed income securities by 2027.
the most recent presentation with the United States Securities and Exchange Commission (SEC), shows that the company acquired 15,400 Bitcoin from November 25 to December 1, at an average price of around $95,976 per token.
Since November 11, the company has invested more than $13.5 billion in BTC in three lots, bringing its total holdings to approximately $38 billion, or 402,100 BTC as of today, a average purchase price of 56,658 dollars per coin.
Crypto mining companies change strategy
MicroStrategy’s aggressive purchasing strategy has attracted the attention of other companies seeking to replicate its success. For example, MARA Holdingsa cryptocurrency mining company, announced on Monday that it had acquired $618 million worth of Bitcoin in the past two months.
The company is also pursuing a $700 million convertible senior note offering, with plans to allocate part of the net proceeds to future Bitcoin purchases. This trend is notable, particularly as crypto mining stocks have struggled this year, especially after the Bitcoin rewards halving in April.
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This event has led miners like MARA to adopt a treasury strategy focused on accumulating Bitcoin rather than selling it. Despite experiencing a 44% drop earlier this year, MARA stock has recovered and is currently up 8% year to date.
Likewise, Riot Platforms, another mining companyhas announced plans to temporarily halt the sale of mined BTC to increase its holdings after seeing its share value fall 20% this year, following a significant 59% drop in September.
At the time of writing, the market-leading cryptocurrency is trading at $95,180, down 1.6% in the 24-hour period. This has been an ongoing pattern over the past 10 days, as BTC price has been consolidating between $91,000 and $98,000, failing to retest its all-time high of $99,540 and the elusive milestone of $100,000.
Featured image of DALL-E, chart from TradingView.com
