MicroStrategy Buys 8,178 Bitcoins for $835.6 Million

MicroStrategy, the business intelligence firm led by executive chairman Michael Saylor, announced its largest Bitcoin purchase in months, acquiring 8,178 bitcoins for $835.6 million between November 10 and 16. The transaction, detailed in a filing with the U.S. Securities and Exchange Commission, underscores the company's ongoing strategy to build a substantial cryptocurrency treasury amid recent market volatility.

The purchase was funded through sales of preferred stock under MicroStrategy's at-the-market offering program, generating $136.1 million in net proceeds. This included issuances of Series A Perpetual Strife Preferred Stock (STRF), Series A Perpetual Stretch Preferred Stock (STRC), and Series A Perpetual Strike Preferred Stock (STRK). No new common shares were issued during the period. Saylor highlighted the acquisition in a post on X, stating that as of November 16, the company holds 649,870 bitcoins acquired for a total of $48.37 billion at an average price of $74,433 per bitcoin. The latest tranche was bought at an average of $102,171 per bitcoin.

This marks MicroStrategy's biggest weekly buy since July 29, when it added 21,021 bitcoins for $2.46 billion. The firm...