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MicroStrategy stock jumped nearly 2.5% to $1,504 shortly after the market opened on Thursday as the company acquired another 11,931 Bitcoin for nearly $786 million. Shares are up more than 137% so far in 2024.
With this recent purchase, the business intelligence company now holds a total of 226,331 Bitcoin, valued at just under $15 billion based on Bitcoin’s current price of roughly $66,000. The firm is the largest corporate holder of Bitcoin and owns almost 1% of the almost 20 million tokens in Bitcoin’s total circulating supply. This latest purchase followed the company’s $800 million convertible note offering to institutional investors.
Founded by former dot-com entrepreneur Michael Saylor, MicroStrategy has long advocated for Bitcoin, which is now part of its business model. During the first quarter of 2024, the company raised $1.5 billion from two convertible note debt offerings to acquire another 25,250 Bitcoin, bringing the company’s total holdings to 214,400 Bitcoin — worth approximately $13.6 billion.
MicroStrategy’s stock has skyrocketed since the company started making Bitcoin purchases in 2020. Last week, the brokerage firm Bernstein gave the company an outperform rating with a $2,890 price target.