MicroStrategy buys $243 million worth of Bitcoin after selling shares

(Bloomberg) — MicroStrategy Inc. bought $243 million worth of Bitcoin, the 10th consecutive weekly purchase by the enterprise software company turned leveraged Bitcoin proxy.

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The Tysons Corner, Virginia-based company now owns more than 2% of all bitcoins that will ever exist, as co-founder and Chairman Michael Saylor ramps up purchases as part of a buy-and-hold strategy he began in 2020. MicroStrategy holds about $41 billion in native cryptocurrency.

MicroStrategy bought 2,530 bitcoin tokens at an average price of about $95,972 from Jan. 6 to Jan. 12, according to a filing with the U.S. Securities and Exchange Commission on Monday. The pace of purchases has slowed in recent weeks.

The so-called bitcoin treasury company plans to raise $42 billion in capital through 2027 using market share sales and convertible debt offerings to purchase additional bitcoin. MicroStrategy has already surpassed two-thirds of its stock targets less than three months after announcing its plans. It could buy another $6.5 billion worth of bitcoin from proceeds from stock sales under the current plan.

Hedge funds have been driving some of the demand as they seek to use MicroStrategy for convertible arbitrage strategies by buying bonds and shorting stocks, essentially betting on the volatility of the underlying stocks.

The company is hoping to boost its stock offerings, with a shareholder vote scheduled for January 21 to determine whether to increase the number of authorized shares of its Class A common stock from 330 million to 10.3 billion shares. MicroStrategy also plans to raise $2 billion through perpetual preferred stock offerings, which will be senior to its Class A common stock.

MicroStrategy shares are up 13% so far this year, closing at $327.91 on Friday, but still well below their all-time high of $474 in November. Bitcoin has fallen by about 3% this year, after rising by 120% in 2024.

(Adds graph of purchases.)

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