MicroStrategy Reenters Bitcoin Market With $370M Acquisition
MicroStrategy resumed its Bitcoin buying spree after a 10-week hiatus, acquiring 4,603 BTC for $369.7 million at an average price of $80,318 per coin. The purchase marks the company's first major acquisition since late June and follows weeks of speculation sparked by Executive Chairman Michael Saylor's 'We're ₿ack' post on X.
The acquisition was funded through share sales, which paid for every dollar of the purchase. MicroStrategy sold 4,531,421 Class A shares across the week and raised $602.8 million in net proceeds. The company used some of these funds to repurchase 1,557,177 STRC preferred shares for $151.8 million and cover STRC dividends and cash reserves.
As of August 30, MicroStrategy holds a total of 845,050 BTC, acquired at an average price of $75,412 per coin. The new acquisition does not sit as well above cost, with a paper loss of around 1.5% already inside seven days.