- MicroStrategy chairman Michael Saylor announced the firm bought 1,070 more Bitcoin.
- It's targeting a $2 billion raise this quarter to buy even more.
- The business intelligence firm has accumulated billions in Bitcoin over the last five years.
Less than a week into the new year, MicroStrategy has already bought more Bitcoin.
Its Bitcoin-backing chairman, Michael Saylor, announced on Monday that the business intelligence firm bought 1,070 of the cryptocurrency for an average price of $94,000.
And if the company completes a new capital raise, this is just the beginning.
Saylor announced on Friday that it’s targeting a $2 billion capital raise to acquire even more Bitcoin.
MicroStrategy targets up to $2 billion capital raise through public offerings of perpetual preferred stock in the first quarter of 2025. $MSTR https://t.co/x1pbB8ArlH
— Michael Saylor⚡️ (@saylor) January 3, 2025
The company expects to sell preferred corporate stock should it move ahead with the raise this quarter. The filing caveats that the company may not sell any stock depending on market conditions.
The New Year’s capital raise would be the first step in MicroStrategy’s audacious “21/21″ plan to raise $42 billion over the next three years by selling corporate stock and bonds.
Saylor announced the campaign in October and said the company will sell $21 billion in equity and $21 billion in bonds.
MicroStrategy, the largest corporate holder of Bitcoin, has amassed more than $44 billion in Bitcoin on its balance sheet since it started investing in the cryptocurrency in 2020, according to Bitcoin Treasuries.
One of its most aggressive Bitcoin buying streaks came over the 2024 holiday period. From mid-November to Christmas day, the business intelligence firm acquired roughly 113,000 Bitcoin, worth roughly $11 billion.
During that period, the company’s stock hit an all-time high of $473 and saw it enter the Nasdaq 100.
Though the share price has plummeted since then, Saylor’s announcement on Friday appears to have inspired a few punters.
MicroStrategy is up 4.3% pre-market New York trading on Monday.
Liam Kelly is a Berlin-based reporter for DL News. Got a tip? Email him at liam@dlnews.com.