- Expands its bitcoin stake by 18,300
- Overall bitcoin stake worth $9.45 billion
- Enterprise value of software business 47-times 2023 revenue
Popular bitcoin proxy MicroStrategy (MSTR:NASDAQ) has expanded its massive bitcoin holdings with a new purchase, buying approximately 18,300 bitcoins, the company revealed in a regulatory filing.
The acquisition, which took place between 6 August and 12 September 2024, tots up to a $1.11 billion cash deal, with an average price of $60,408 per bitcoin, including fees and expenses. Bitcoin is currently trading at $58,960.
This latest acquisition boosts MicroStrategy’s total bitcoin holdings to roughly 244,800 bitcoins, acquired at an aggregate purchase price of $9.45 billion, or approximately $38,585 per bitcoin, inclusive of fees and expenses.
SELLS SHARES TO BUY BITCOIN
The company said the purchase was funded through the sale of shares under an existing $2 billion at-the-market stock issuance plan. As part of the scheme, MicroStrategy sold 8,048,449 shares of its Class A common stock, generating the $1.11 billion used for the bitcoin acquisition.
Earlier this year, data showed that MicroStrategy, led by chief executive Michael Saylor, had the largest corporate bitcoin stake in the world. It gives the company a rough $33 billion enterprise value, including around $3.9 billion of debt.
That valuation means that the seldom talked of software side of the business is trading on around 47-times last year’s $496 million revenues.
