MicroStrategy, Inc. (NASDAQ: MSTR) has revealed its latest Bitcoin acquisitions and an update on its At-The-Market (ATM) offering in recent disclosures:
Bitcoin Acquisition:
On December 27, 2023, MicroStrategy announced that between November 30, 2023, and December 26, 2023, it, along with its subsidiaries, acquired approximately 14,620 bitcoins. The total cash outlay for this acquisition amounted to approximately $615.7 million, with an average purchase price of about $42,110 per bitcoin, inclusive of fees and expenses. As of December 26, 2023, MicroStrategy and its subsidiaries held a total of approximately 189,150 bitcoins. The aggregate purchase price for these bitcoins was approximately $5.895 billion, with an average purchase price of around $31,168 per bitcoin, inclusive of fees and expenses.
ATM Update:
MicroStrategy had entered into a Sales Agreement on November 30, 2023, with Cowen and Company, LLC, Canaccord Genuity LLC, and BTIG, LLC, serving as sales agents. Under this agreement, MicroStrategy had the option to issue and sell shares of its class A common stock, par value $0.001 per share (“Shares”), with an aggregate offering price of up to $750.0 million, periodically through the Sales Agents. As of December 26, 2023, MicroStrategy announced that it had issued and sold a total of 1,076,915 Shares under the Sales Agreement. The aggregate net proceeds to MicroStrategy, after deducting sales commissions, amounted to approximately $610.1 million.
These disclosures reflect MicroStrategy’s ongoing commitment to Bitcoin accumulation as part of its treasury strategy and provide an update on the progress of its ATM offering, which has contributed significant net proceeds to the company. The announcements come against the backdrop of MicroStrategy’s persistent involvement in the cryptocurrency space and its strategic moves to leverage Bitcoin as a store of value.
