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MicroStrategy buys another 2,138 BTC! MicroStrategy's Q4 and full-year BTC investment performance is impressive.
MicroStrategy acquisition 2,138 BTC, total holdings reach 446,400 BTC
MicroStrategy announced that it acquired 2,138 bitcoins between December 23 and December 29, 2024, with a total transaction amount of 209 million US dollars. This acquisition brought its total bitcoin holdings to an astounding 446,400 coins, with a cumulative purchase price of approximately 27.9 billion US dollars.
Below is the detailed content of the company's announcement, its key performance indicators, and the impact on its bitcoin strategy.
Large-scale Bitcoin acquisition, from the sale of stock profits
During this week, MicroStrategy successfully utilized its stock sale proceeds to acquire Bitcoin through the stock sale agreement signed in October 2024. According to the agreement, MicroStrategy was able to issue and sell its Class A common stock, raising a net profit of $209 million. The funds were used to purchase Bitcoin at an average price of $97,837 per coin (including associated fees).
This strategy is consistent with MicroStrategy's practice of expanding its bitcoin reserves with equity capital in the long run. As of December 29, 2024, the company still has approximately $6.88 billion in shares available for future issuance under this sales agreement.
MicroStrategy's bitcoin holdings reach a new all-time high
Currently, MicroStrategy's Bitcoin holdings have reached a historic high of 446,400 coins. This is a very significant increase compared to the 189,150 coins at the end of 2023. The average purchase price of its total Bitcoin holdings is $62,428, reflecting the company's discipline in accumulating Bitcoin over the long term.
MicroStrategy's strong performance in BTC returns for the fourth quarter and full year
One of the most eye-catching indicators in this report is MicroStrategy's BTC Yield, an important performance indicator that the company uses to measure the effectiveness of its Bitcoin acquisition strategy. In Q4 2024 (QTD), the company reported a BTC Yield of 47.8%; the YTD BTC Yield was as high as 74.1%.
The calculation of BTC yield is based on the percentage change in the company's bitcoin holdings and the diluted assumed circulating share ratio over a period of time. This indicator is important for evaluating how effectively the company utilizes equity capital to create value for shareholders through bitcoin purchases.
Stock issuance strategy supports Bitcoin acquisition
MicroStrategy's stock issuance strategy provides important financial support for its BTC acquisition. In December 2024 alone, the company sold 592,987 shares through its at-the-market equity offering program, raising $209 million. After the 10-for-1 stock split earlier in the year, MicroStrategy now has approximately 245,459 shares of basic outstanding stock.
In addition, the company also optimizes its capital structure by issuing convertible bonds and other tools, and further enhances the BTC yield.
MicroStrategy's in-depth analysis based on BTC yield
BTC return on investment is not a traditional financial indicator, but a performance indicator designed by MicroStrategy to evaluate its bitcoin strategy. Although this indicator reveals the efficiency of the company's use of equity capital to purchase bitcoin, it also has limitations. For example, BTC return on investment does not take into account the company's debt or other liabilities, and assumes that all convertible bonds will be converted into equity.
In addition, the BTC yield cannot reflect the company's operating performance or liquidity, but only focuses on the efficiency of equity appreciation.
The strategic implications of MicroStrategy
MicroStrategy firmly and steadily increases its holdings of Bitcoin, establishing a dominant position in the cryptocurrency field. Its strategy of using equity capital to purchase Bitcoin reflects a strong belief in the long-term value of this asset. With a reserve of 446,400 Bitcoins, MicroStrategy has established itself as a pioneer in the adoption of Bitcoin among publicly traded companies.
However, this strategy is not without risks. The company's high dependence on Bitcoin exposes it to significant risks from cryptocurrency market volatility. In addition, BTC returns as an indicator may not be accepted by all investors, as it does not directly measure operational or financial performance.
This article MicroStrategy buys 2,138 bitcoins again! MicroStrategy's fourth-quarter and full-year BTC investment performance is impressive first appeared on Chain News ABMedia.