MicroStrategy has acquired 15,350 Bitcoin between Dec. 9 and Dec. 15 for approximately $1.5 billion, at an average price of $100,386 per BTC. This latest purchase raises the company’s total Bitcoin holdings to 439,000 BTC, valued at over $45 billion. The acquisition was financed through the sale of 3,884,712 Class A shares. To date, MicroStrategy has spent $27.1 billion on Bitcoin, with an average purchase price of $61,725 per coin.
The recent purchase follows another major acquisition just a week earlier when MicroStrategy bought 21,550 BTC for $2.1 billion at an average price of $98,783 per Bitcoin. Over the last six weeks alone, the company has added $17.5 billion worth of Bitcoin, accounting for 39% of its total holdings. MicroStrategy’s market cap has reached $92 billion, with its stock trading at a notable premium to its Bitcoin net asset value.
MicroStrategy’s Executive Chairman Michael Saylor has consistently expressed strong confidence in Bitcoin. “I’m sure that I will be buying Bitcoin at $1 million a coin—probably $1 billion a day of Bitcoin at $1 million a coin,” he stated . The company uses a performance metric called Bitcoin Yield, which measures Bitcoin growth relative to diluted shares. As of Dec. 15, the year-to-date Bitcoin Yield stood at 72.4%.
On Dec. 14, Nasdaq announced that MicroStrategy would join the Nasdaq 100 Index on Dec. 23. Analysts expect significant institutional buying as exchange-traded funds (ETFs) like QQQ are set to include the stock. Bloomberg analyst James Seyffart estimates that at least $2.1 billion worth of shares will be purchased. The company’s stock price has surged more than 490% this year, closing at $408.67 last Friday and rising 3.5% in pre-market trading on Monday.
MicroStrategy’s inclusion in the Nasdaq 100 is seen as a major milestone, improving liquidity and attracting further capital. Analysts from Bernstein believe the company will continue issuing equity at current elevated prices to fund additional Bitcoin purchases. They also pointed out that MicroStrategy’s leverage remains manageable at 18% of its Bitcoin net asset value, leaving room for further debt issuance.
Upcoming changes to accounting rules for digital assets in 2025 could bolster MicroStrategy’s prospects. The new rules will allow companies to report gains when Bitcoin prices increase, improving financial visibility. Bernstein analysts argue that this rule change could enhance MicroStrategy’s chances of qualifying for the S&P 500 Index despite the software business’s limited profitability.
MicroStrategy now controls about 2.1% of Bitcoin’s total 21 million supply. While some investors remain skeptical of the strategy’s sustainability, citing potential price volatility, Bernstein analysts describe it as a high-conviction, long-term approach. Bitcoin’s price recently hit $107,000, adding to MicroStrategy’s momentum. The company’s Bitcoin acquisition strategy continues to be closely monitored as a benchmark for institutional adoption.
