MicroStrategy MSTR continued its aggressive Bitcoin BTC accumulation strategy last week with a significant purchase. The business intelligence company announced it acquired an additional 850 BTC for approximately $99.7 million.
This strategic move increases MicroStrategy's total Bitcoin holdings to 639,825 BTC. The latest acquisition was executed at an average price of $117,344 per Bitcoin, raising the firm's overall average purchase price to $73,971 per coin.
MicroStrategy funded this Bitcoin purchase primarily through capital markets activity, including the issuance of perpetual preferred stock and common stock via an at-the-market ATM offering. Common stock sales constituted roughly 80% of the total funding for this BTC acquisition.
Despite the ongoing Bitcoin accumulation, MSTR shares experienced a 2.5% decline in premarket trading, correlating with a broader market dip that saw Bitcoin's price fall to around $112,000.