MicroStrategy spends $5.4B buying another 55,000 bitcoins, shares slide
MicroStrategy invested $5.4 billion in 55,000 bitcoins, averaging $97,862 each, increasing its total holdings to 386,700 bitcoins. The stock fell 4% post-announcement amid rising Bitcoin prices.
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MicroStrategy has made a significant investment in Bitcoin, purchasing 55,000 bitcoins for $5.4 billion, with the acquisition occurring between November 18 and November 24, 2024. The company bought these bitcoins at an average price of $97,862 each, utilizing proceeds from convertible notes and share sales. Following the announcement, MicroStrategy's stock experienced volatility, ultimately closing down 4%. The firm has been actively acquiring Bitcoin since 2020, and as of now, holds approximately 386,700 bitcoins, totaling around $21.9 billion in investments. This latest purchase comes as Bitcoin prices have surged, recently reaching highs above $99,000, partly influenced by political events. Despite a strong year for MicroStrategy's stock, which has risen over 515% year-to-date, it faced a decline of more than 15% last week due to short-selling activity. Analysts remain optimistic about the company's stock, with some raising price targets significantly, anticipating Bitcoin could reach $225,000 by the end of 2026.
- MicroStrategy purchased 55,000 bitcoins for $5.4 billion, averaging $97,862 each.
- The company now holds approximately 386,700 bitcoins, valued at about $21.9 billion.
- MicroStrategy's stock fell 4% after the announcement, despite a 515% increase year-to-date.
- Analysts have raised price targets for MicroStrategy's stock, citing bullish sentiment on Bitcoin.
- Bitcoin prices have recently surged, reaching highs above $99,000.
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