MicroStrategy, MARA add to their holdings amid Bitcoin's quest for new all-time high
|- MicroStrategy announced that it acquired 15,400 Bitcoin tokens valued at $1.5 billion.
- MARA Holdings said it plans to raise $800 million from private offerings and options to increase its Bitcoin holdings.
- Top corporate bodies are considering incorporating MicroStrategy's Bitcoin investment playbook, suggesting BTC is growing into a resilient asset.
MicroStrategy continued its aggressive Bitcoin purchase on Monday after it announced the acquisition of 15,400 BTC at an average purchasing price of $95,976 per token. As the firm continues to widen the gap as the highest corporate holder of Bitcoin, other companies have begun plans to copy MicroStrategy's playbook of launching strategic BTC reserves.
MicroStrategy adds to its Bitcoin holding, other companies set to follow suit
Business intelligence firm MicroStrategy has purchased Bitcoin for the fourth consecutive week after announcing the acquisition of an additional 15,400 BTC for $1.5 billion.
The firm stated in a filing to the Securities & Exchange Commission (SEC) on Monday that its latest purchase — which took place between November 25 and December 1 — came at an average price of $95,976 per Bitcoin.
The company now holds 402,100 BTC, valued at over $38 billion, with a total acquisition cost of ~$23.4 billion at an average price of $58,263 per Bitcoin.
The latest acquisition came from the sale of 3,728,507 of the company's shares for $1.5 billion. MicroStrategy also stated that it still has approximately $11.3 billion of shares available for issuance as of December 1.
MicroStrategy has acquired 15,400 BTC for ~$1.5 billion at ~$95,976 per #bitcoin and has achieved BTC Yield of 38.7% QTD and 63.3% YTD. As of 12/2/2024, we hodl 402,100 $BTC acquired for ~$23.4 billion at ~$58,263 per bitcoin. $MSTR https://t.co/K3TK4msGp0
— Michael Saylor⚡️ (@saylor) December 2, 2024
MicroStrategy has acquired 15,400 BTC for ~$1.5 billion at ~$95,976 per #bitcoin and has achieved BTC Yield of 38.7% QTD and 63.3% YTD. As of 12/2/2024, we hodl 402,100 $BTC acquired for ~$23.4 billion at ~$58,263 per bitcoin. $MSTR https://t.co/K3TK4msGp0
— Michael Saylor⚡️ (@saylor) December 2, 2024
With MicroStrategy's massive purchase, other companies are considering acquiring Bitcoin as a strategic reserve asset.
Bitcoin mining company MARA Holdings revealed the issuance of zero convertible senior notes worth $700 million, coupled with $105 million optional notes. It plans to use the proceeds from this sale to purchase more Bitcoin tokens, adding to its current holding of 33,875 BTC.
Additionally, Asian investment firm Sora Ventures has introduced a $150 million fund to promote Bitcoin-centered treasury strategies for publicly-listed companies throughout Asia.
The firm aims to replicate the process employed by MicroStrategy, which leverages Bitcoin as a key reserve asset to enhance financial strategies and shareholder value. The $150 million fund will target firms on major stock exchanges in Japan, Hong Kong, Thailand, Taiwan and South Korea.
The potential incorporation of Bitcoin as a reserve asset by top firms suggests that Bitcoin is growing into a resilient and trustworthy asset with higher growth potential than other asset classes.
As Bitcoin approaches the $100K price level, other top firms could likely join the train. This includes Microsoft, whose board of directors received a 30-minute presentation from MicroStrategy CEO Michael Saylor on the opportunities that could come from adopting Bitcoin as its core corporate strategy.
In November, Saylor also offered to discuss with Rumble CEO Chris Pavlovski on adding Bitcoin to its balance sheet.
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