Financial Insights That Matter
Liam Kennedy / Bloomberg / Getty Images
MMicroStrategy Chairman Michael Saylor speaks at the Bitcoin 2024 conference in Nashville, Tennessee, on July 26, 2024.
-
MicroStrategy purchased 10,107 bitcoin for roughly $1.1 billion over the past week.
-
The publicly-traded bitcoin treasury company now holds 471,107 bitcoin purchased, worth roughly $47 billion at current prices.
-
MicroStrategy shareholders voted last week to increase its number of Class A common shares to 10.3 billion.
-
Separately, MicroStrategy also plans to offer 2,500,000 in new shares of MicroStrategy’s Series A Perpetual Strike Preferred Stock for the purpose of buying more bitcoin.
MicroStrategy (MSTR) has shown no signs of slowing down their bitcoin purchases and bought another billion dollars worth of bitcoin (BTCUSD) last week.
The company continued to flex its bitcoin treasury muscle with a purchase of 10,107 bitcoin for approximately $1.1 billion over the past week. This latest acquisition brings the firm’s total holdings to 471,107 bitcoin.
MicroStrategy has been utilizing equity sales and debt issuance to fund its bitcoin purchases, with this being the twelfth week in a row such a purchase was announced. The company issued roughly 2,76 million shares to finance last week’s purchases.
This latest move also coincides with shareholder approval to increase the authorized number of Class A common shares to 10.3 billion and shares of preferred stock to 1 billion. Additionally, the company announced an offering of 2,500,000 shares of MicroStrategy’s Series A Perpetual Strike Preferred Stock on Monday.
While MicroStrategy’s approach to bitcoin as a treasury asset has inspired other publicly-traded companies, such as Marathon Digital (MARA) and Semler Scientific (Dump), to do the same, it has also invited scrutiny regarding its debt-heavy strategy to acquire as much of the asset as possible.
MicroStrategy stock, often considered a bitcoin proxy, was down 4% in recent trading and bitcoin slid below $100,000 amid a broader sell-off in crypto and equity markets.
Read the original article on Investopedia
#1a73e8;">Boost Your Financial Knowledge and Achieve Stability
Discover a growing online community dedicated to delivering financial news, tips, and strategies designed to help you manage money effectively, save smarter, and grow your investments with confidence.
#1a73e8;">Top Financial Tips for Saving and Investing
- Personal Finance Management: Master the art of budgeting, expense tracking, and building a strong financial foundation.
- Investment Opportunities: Stay updated on market trends, learn about stocks, and explore secure ways to grow your wealth.
- Expert Money-Saving Advice: Access proven techniques to reduce expenses and maximize your financial potential.