MicroStrategy now owns $47.4 billion worth of bitcoin after latest purchases

By Ciara LinnaneCEO last week called for the U.S. to create a strategic bitcoin reserveMicroStrategy Inc. said Monday it purchased about 20,356 bitcoins between Feb. 18 and Feb. 23 using the roughly $1.9 billion raised through a zero-coupon convertible bond offering last week.As of Feb. 24, the business-software company and cryptocurrency play (MSTR), now doing business as Strategy, held about 499,096 bitcoins, which it acquired at an aggregate purchase price of about $33.1 billion and an average purchase price of about $66,357 per bitcoin.The company's bitcoin holdings are worth $47.4 billion at today's price.The move is part of the company's plan to issue $21 billion of equity and $21 billion in fixed-income instruments, including debt, convertible bonds and preferred stock, over the next three years.MicroStrategy said about four years ago that it had adopted bitcoin as its primary treasury reserve asset.Last week, the company disclosed that it was more than doubling its bitcoin holdings last year while reducing its workforce. The company's 2024 annual report published Tuesday showed it had 1,534 employees as of Dec. 31, down by 400, or 20.7%, from the year before.The biggest cuts were in research and development, which lost 144 jobs, followed by consulting, which shed 124 jobs, and sales and marketing, which lost 95 jobs, the filing showed.Bitcoin has been trading in a range of $93,000 to $100,000 in February to date, according to Dow Jones Market Data. The largest cryptocurrency has rallied since the November election on expectations that President Trump would roll out pro-growth policies and crypto-friendly regulations.However, as Trump has threatened and enacted tariffs on a number of U.S. trading partners, investors have been concerned that inflation may heat up again, which could keep the Federal Reserve from cutting interest rates further this year.That has created some volatility and sluggishness in the past week as bitcoin has traded in tandem with risk assets.MicroStrategy Chief Executive Michael Saylor said last week the U.S. should create a strategic bitcoin reserve."There's only room for one nation-state to buy up 20% of the network, and obviously, I think it should be the United States," he told the Conservative Political Action Conference.MicroStrategy's stock was down 5.7% on Monday, but has gained 255% in the past 12 months, while the S&P 500 SPX has gained 18%.-Ciara LinnaneThis content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.