Santiment, a well-known analytics platform, has reported that the keyword “MicroStrategy” is currently the hottest topic in the crypto world. This surge in interest comes on the heels of the company’s significant acquisition of 5,445 Bitcoins, worth approximately $147.3 million.
The company’s decision to acquire a significant amount of BTC has undoubtedly caused a stir within the crypto community. This move has sparked increased discussions and interest in the firm, with the keyword “MicroStrategy” dominating conversations related to cryptocurrency.
The acquisition occurred just six days before Bitcoin’s impressive surge, propelling it above the $30,000 mark. This strategic move by MicroStrategy not only reflects the company’s continued confidence in the cryptocurrency but also reaffirms its position as one of the prominent institutional players in the digital asset space.
MicroStrategy’s Ongoing Commitment To Bitcoin
The revelation of this significant acquisition emerged yesterday when MicroStrategy disclosed its latest crypto investment. The company acquired 5,445 BTC at an average price of $27,053 per Bitcoin.
As of September 24, MicroStrategy’s Bitcoin holdings stand at an impressive 158,245 BTC, acquired at an aggregate purchase price of approximately $4.68 billion, with an average purchase price of roughly $29,582 per Bitcoin, considering fees and expenses.
According to an official statement released by MicroStrategy on September 25, 2023, the acquisition occurred between August 1 and September 24.
The company and its subsidiaries spent approximately $147.3 million in cash for these Bitcoins. This strategic move aligns with MicroStrategy’s ongoing commitment to Bitcoin as a significant asset in its corporate treasury.
As part of a related financial maneuver, on August 1, MicroStrategy established a Sales agreement with Cowen and Company, LLC, Canaccord Genuity LLC, and Berenberg Capital Markets LLC. In this agreement, they were appointed as sales agents.
This agreement allowed the company to issue and sell its class A common stock shares. The aggregate offering price could reach up to $750.0 million through the Agents.
On September 24, the company successfully issued and sold a total of 403,362 Shares under this Sales agreement. After accounting for sales commissions, this accomplishment resulted in net proceeds of approximately $147.3 million for the company.
In June 2023, the firm garnered attention by acquiring 12,333 BTC for $347 million, at an average purchase price of $29,668 per BTC. However, its recent acquisition further solidifies its optimistic outlook on Bitcoin.