The price of bitcoin has sailed past the $84,000 mark, topping out at $84,788per US dollar, following the revelation by MicroStrategy (NASDAQ: MSTR) that it has resumed buying bitcoin in substantial quantities.
The tech company this morning indicated it acquired 27,200 bitcoins during the period between October 31, 2024 and November 10, 2024. The bitcoin was acquired at an average price of $74,463, inclusive of fees and expenses, at an all-in cost of $2.03 billion.
The funds to acquire the bitcoin were raised via the issuance of 7.85 million shares through an at-the-market financing to raise gross proceeds of $2.03 billion. Under a new at-the-market sales agreement entered into on October 30, the company may sell shares for an aggregate offering price of up to $21 billion.
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READ: MicroStrategy Unveils $42 Billion Plan to Expand Bitcoin Holdings
Following the purchase, MicroStrategy has total bitcoin holdings of 279,420, which the company says has provided a “BTC Yield %” of 26.4% year to date, which is based on the percentage change period to period of the ratio between the company’s bitcoin holdings and its assumed diluted shares outstanding. Quarter to date, that yield figure is said to sit at 7.3%.
The purchase notably follows the trend of bitcoin moving higher, leading some to speculate that the latest run in the crypto is solely a result of MicroStrategy acquiring massive amounts of the crypto again.
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