MicroStrategy Puts Additional $101 Million Into Bitcoin
By Denny JacobMicroStrategy said bought about $101 million worth of bitcoin in the final two days of 2024.The software company, which ditched its original business model to borrow billions of dollars to buy bitcoin, on Monday said it acquired around 1,070 bitcoins at an average price of about $94,004 each between Dec. 30 and 31.The Vienna, Va., company held an aggregate of about 447,470 bitcoins as of Jan. 5, according to a securities filing.The disclosure comes after MicroStrategy on Friday said it was targeting a capital raise of up to $2 billion to strengthen its balance sheet and acquire more bitcoin.The capital raise will come through one or more public underwritten offerings of perpetual preferred stock which will be senior to its Class A common stock.This is part of its broader plan to raise $21 billion of equity and $21 billion of fixed income instruments, convertible notes and preferred stock over a three-year period.Shares of MicroStrategy, which have more than quintupled over the past 52 weeks, rose about 1% to $343.70 at the market open on Monday.Write to Denny Jacob at [email protected]