Software firm turned serial cryptocurrency acquirer MicroStategy (MSTR) has announced that it has purchased an additional 55,500 Bitcoin (BTC) at a cost of $5.4 billion U.S.
The latest Bitcoin purchase comes weeks after MicroStrategy bought 51,780 BTC for $4.6 billion U.S.
In a post on social media, Michael Saylor, MicroStrategy’s executive chairman, said that the company now owns a total of 386,700 Bitcoin valued at $37.70 billion U.S.
MicroStrategy said that it bought its latest horde of Bitcoin at an average price of $97,862 U.S., which is near the cryptocurrency’s all-time high.
The company is the world’s largest corporate holder of Bitcoin and continues to sell company stock to fund its purchases of BTC.
The company has nearly $10 billion U.S. of additional stock that it can sell to purchase even more Bitcoin.
The continued buying spree by MicroStrategy comes as cryptocurrencies rally following the re-election of Donald Trump, whose administration is expected to be friendly towards digital assets.
MicroStrategy’s stock has risen 515% so far this year to trade at $421.88 U.S. per share.
Despite the big rally, analysts at Bernstein investment bank recently forecast a further 40% increase in MicroStrategy’s stock, fueled by the popularity of crypto.
Bitcoin is currently trading at $97,500 U.S., having gained 120% so far in 2024.
