MicroStrategy Buys Bitcoin Worth $1.11B, MSTR Stock Price Jumps 8%

The business intelligence company MicroStrategy on Friday said it has acquired 18,300 BTC worth $1.11 billion, according to a filing with the US SEC. The company’s net BTC holding has increased to 244,800 BTC, revealed Michael Saylor, executive chairman of the firm. This is one of the largest Bitcoin purchases by the firm. MSTR stock price closed the week at 18.74% higher this week.

MicroStrategy Acquires Another 18,300 BTC

In a post on the X platform on September 13, MicroStrategy’s Executive Chairman Michael Saylor revealed that the company has further increased its BTC holdings. The largest corporate holder of Bitcoin purchased 18,300 BTC worth $1.11 billion, as per an SEC filing.

With the latest purchase, the company has increased its total BTC holdings to 244,800 BTC valued at $9.45 billion, which accounts for $38,585 per BTC. The firm has achieved a BTC Yield of 4.4% QTD and 17.0% YTD. The current profit is $4.71 billion, as per Lookonchain.

In June, MicroStrategy acquired 11,931 bitcoin from a $800 million private offering of convertible senior notes. The company said it intended to use the proceeds primarily to purchase additional Bitcoin, aligning with its ongoing strategy of leveraging debt to expand its cryptocurrency holdings. Meanwhile, the convertible senior notes are unsecured and senior, meaning they rank higher in claim priority over other debt but lack collateral backing.

MSTR stock price was volatile during the premarket hours after MicroStrategy revealed the BTC purchase. MSTR stock closed 8.18% higher at $141.47 on Friday. MSTR price saw an 18.74% leap in a week.

Michael Saylor Drives Bitcoin Price

The traders respond immediately to MicroStrategy’s Bitcoin purchase. Bitcoin price regained the $60K level amid bullish price action. BTC price is currently trading at $60,179, with a 24-hour low and high of $57,650 and $60,656, respectively. Furthermore, the trading volume has increased by 8% in the last 24 hours.

CryptoQuant data indicates that Bitcoin and decoupled from gold, with BTC price dropping while gold hitting higher. The negative correlation signals a risk-averse market, with investors turning towards traditional safe-haven assets like gold.

In the derivatives market, total BTC futures open interest increased 5% in the last 24 hours, indicating buying activity among traders. As per Coinglass data, the 530.99K BTC OI is valued at $32 billion.