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MicroStrategy, a publicly traded business intelligence and software firm, reported a substantial expansion of its Bitcoin holdings in a filing on Nov. 25.
The company acquired about 55,000 Bitcoin (BTC) for $5.4 billion between Nov. 18 and 24 at an average price of $97,862 per coin. The purchase was funded through proceeds from recent equity and debt offerings, the filing <a data-ct-non-breakable="null" href="https://www.streetinsider.com/SEC+Filings/Form+8-K+MICROSTRATEGY+Inc+For%3A+Nov+25/24026365.html" rel="nofollow noopener" target="_blank" text="null" title="https://www.streetinsider.com/SEC+Filings/Form+8-K+MICROSTRATEGY+Inc+For%3A+Nov+25/24026365.html">said</a>.
The latest purchase has pumped MicroStrategy’s total BTC holdings to a massive 386,700 BTC, acquired at a cumulative cost of $21.9 billion — or an average price of $56,761 per coin.
The firm’s continued buying spree close to BTC’s new high near $100,000 suggests it expects further growth in Bitcoin’s value, driven by rising institutional adoption and optimism over potential pro-crypto legislation under the incoming United States administration of President-elect Donald Trump.
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 <img alt="Investments, MicroStrategy, Michael Saylor" src="https://s3.cointelegraph.com/uploads/2024-11/01936399-f725-73d6-9c2e-c8ac1a199799" title="">
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 Source: <a data-ct-non-breakable="null" href="https://x.com/saylor/status/1861033309934862601" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/saylor/status/1861033309934862601">Michael Saylor</a>
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Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/allianz-germany-biggest-insurer-buys-24-microstrategy-2-6-b-notes" rel="null" target="null" text="null" title="null">Allianz, Germany’s biggest insurer, buys 24% of MicroStrategy’s $2.6B notes</a>
<h2 id="source-of-funds-for-btc-investment">Source of funds for BTC investment</h2>
MicroStrategy used funds from a private offering of 0% convertible senior notes due 2029 and its ongoing at-the-market (ATM) equity program.
The notes offering, which finished on Nov. 21, raised a net total of $2.97 billion, alongside the firm selling 5,597,849 shares under its ATM equity program to generate a further $2.46 billion in net proceeds.
These funds combined provided the liquidity to support the firm’s continued aggressive acquisition of BTC, and as of Nov. 24, MicroStrategy reported $12.8 billion in remaining capacity under the ATM program.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/microstrategy-completes-3-billion-raise-to-purchase-more-bitcoin" rel="null" target="null" text="null" title="null">MicroStrategy completes $3B raise to buy more Bitcoin as MSTR falls 25%</a>
<h2 id="not-so-micro-strategy">Not-so micro strategy</h2>
In its Form 8-K disclosure, MicroStrategy detailed the use of a proprietary performance metric, “Bitcoin Yield,” which measures the percentage change in the ratio of BTC holdings to assumed diluted shares outstanding.
As of Nov. 24, the company reported a BTC Yield of 59.3%, up from 35.2% at the end of the third quarter.&nbsp;
Put in layman’s terms, this measures the firm’s focus on maximizing shareholder value through its Bitcoin acquisitions and making BTC the primary driver of its financial strategy.
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 <img alt="Investments, MicroStrategy, Michael Saylor" src="https://s3.cointelegraph.com/uploads/2024-11/01936397-ae7d-7bc5-bfa8-2dad35b9f932" title="">
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 MicroStrategy Form 8-K table detailing its total BTC holdings since December 2023 up to Nov. 24. Source: MicroStrategy
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Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/is-micro-strategy-bubble-what-risk-bitcoin-price" rel="null" target="null" text="null" title="null">Is MicroStrategy a bubble? What is the risk for Bitcoin’s price?</a>
<h2 id="semler-scientific-follows-suit-acquires-more-btc">Semler Scientific follows suit, acquires more BTC&nbsp;</h2>
Semler Scientific, a US-based healthcare company, <a data-ct-non-breakable="null" href="https://ir.semlerscientific.com/news-releases/news-release-details/semler-scientificr-announces-updated-btc-and-atm-activity" rel="null" target="null" text="null" title="null">said</a> it acquired 297 BTC for $29.1 million between Nov. 18 and 22, increasing its total holdings to 1,570 BTC purchased at an average price of $75,039.
The firm expanded its ATM equity program by a further $50 million, doubling its offering capacity to $100 million, with $50 million already generated through gross proceeds.
Semler Scientific reported a YTD BTC Yield of 58.4% as of Nov. 22, highlighting its focus on using BTC as a treasury asset.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/crypto-four-years-grow-cant-be-shut-down-kain-warwick-infinex/" rel="null" target="null" text="null" title="null">Crypto has 4 years to grow so big ‘no one can shut it down’: Kain Warwick, Infinex</a>

MicroStrategy expands Bitcoin holdings with $5.4B purchase

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