MicroStrategy buys additional $1.11 billion worth of Bitcoin

MicroStrategy announced that it purchased 18,300 Bitcoins for $1.11 billion, increasing its total holdings to 244,800 BTC purchased for $9.45 billion.

BREAKING: MicroStrategy buys another 18,300 #Bitcoin for $1.11 billion. pic.twitter.com/qhMg5EOqUF

— Bitcoin Magazine (@BitcoinMagazine) September 13, 2024

The business intelligence firm, led by Bitcoin czar Michael Saylor, has been steadily accumulating Bitcoin as part of its corporate strategy since 2020. MicroStrategy’s latest billion-dollar purchase was made at an average price of $60,408 per Bitcoin.

According to Saylor, the company has achieved a 17% Bitcoin return year to date, capitalizing on BTC’s appreciation as it continues to borrow fiat at low interest rates to expand its holdings.

At current prices, MicroStrategy’s Bitcoin hoard is worth over $15 billion, greatly benefiting shareholders. The company’s stock price rose in tandem with the accumulation of Bitcoin.

Despite tough market conditions in 2024, MicroStrategy continues to increase its long-term Bitcoin position. The firm treats Bitcoin as a superior treasury asset compared to cash which is subject to inflationary devaluation.

MicroStrategy executes the largest speculative attack on fiat currency in history by purchasing the hardest money for its treasury. Other public companies are following MicroStrategy’s lead by adopting Bitcoin treasury policies and gaining Bitcoin exposure on their balance sheets. However, MicroStrategy remains the largest corporate holder of Bitcoin in the world.

By leveraging underutilized capital to capture Bitcoin’s advantage, MicroStrategy has transformed itself into a growing Bitcoin development company that is driving Bitcoin adoption worldwide.