MicroStrategy, the largest corporate holder of bitcoin, announced it has nearly reached its ambitious $42 billion capital raising goal for bitcoin acquisitions. The company has purchased 218,887 bitcoins for $20.5 billion since the end of the third quarter, bringing its total holdings to 471,107 bitcoins. MicroStrategy revealed a plan to issue $42 billion in securities between 2025 and 2027, and the firm's aggressive buying spree during the post-election cryptocurrency rally suggests the plan may be accelerating.
Michael Saylor, chairman of MicroStrategy, speaks at the Bitcoin 2024 conference in Nashville, Tennessee, US, on Friday, July 26, 2024. The conference is an annual event organized by BTC Media LLC for fans of the original cryptocurrency. Photographer: Liam Kennedy/Bloomberg via Getty ImagesStrategy, the largest corporate holder of bitcoin, said it's almost halfway to its ambitious capital raising goal as it went on a buying spree throughout the postelection rally.
In its last financial update, Strategy revealed a plan to issue $42 billion in securities between 2025 and 2027. As cryptocurrencies rallied after the election, the firm piled aggressively into bitcoin on a weekly basis even as the coin hit record after record – making some investors wonder if the plan had been pulled forward.
BTC Yield is meant to measure the performance of the firm's bitcoin acquisition strategy; specifically, the percent change from one period to another in the amount of bitcoin it owns per Strategy share. Strategy introduced the metric in August, during its second-quarter earnings update. Strategy also introduced some new metrics to gauge its future performance. The first, BTC Gain, is the number of bitcoins the company has at the beginning of a period multiplied by the BTC Yield for the period. The second, BTC $Gain, takes the BTC Gain metric and translates its value into dollars based on the market price of bitcoin as 4 p.m. ET on the last day of the quarter, using the Coinbase exchange.
MICROSTRATEGY BITCOIN CAPITAL RAISING FINANCIAL MARKETS INSTITUTIONAL INVESTORS
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