MicroStrategy Adds 15,350 Bitcoin Worth $1.5 Billion, Boosting Total Holdings to 439,000 BTC

MicroStrategy, a business intelligence firm widely known for its aggressive Bitcoin investment strategy, announced that it has acquired an additional 15,350 BTC at a total cost of around $1.5 billion. According to a recent 8-K filing submitted to the Securities and Exchange Commission (SEC), the latest purchase—completed between December 9 and December 15—came at an average price of roughly $100,386 per coin.

This move coincided with the company selling an additional 3,884,712 of its own shares over the same timeframe, raising the equivalent amount in equity capital. As of December 15, MicroStrategy reported that $7.65 billion worth of shares remained available under its planned $21 billion equity offering, alongside another $21 billion in fixed-income securities. In total, the firm aims to raise $42 billion to continue fueling its extensive Bitcoin acquisitions.

With this recent buy, MicroStrategy now holds approximately 439,000 BTC, collectively valued at over $45 billion. The company’s co-founder and executive chairman, Michael Saylor, noted that this entire Bitcoin position was acquired at an average price of around $61,725 per coin, amounting to a total expenditure of nearly $27.1 billion, including associated fees and expenses. To put that into perspective, these holdings represent about 2.1% of Bitcoin’s finite 21 million supply.

This latest Bitcoin purchase marks the sixth consecutive week of significant accumulation by the company. Just one week earlier, MicroStrategy announced the acquisition of 21,550 BTC for about $2.1 billion in cash at an average price near $98,783 per coin. The week before that, it secured an additional $1.5 billion worth of BTC.

Over the past six weeks, MicroStrategy has added approximately $17.5 billion in Bitcoin—equivalent to around 39% of its total $45 billion position. Meanwhile, the firm’s market capitalization of about $92 billion now trades at a substantial premium relative to the underlying value of its Bitcoin holdings. Many investors remain uneasy about this premium and the firm’s ongoing approach, which relies on both equity and debt to fund further Bitcoin buys.

However, analysts at research and brokerage firm Bernstein express confidence that MicroStrategy has more room to maneuver. “As MicroStrategy acquires more Bitcoin, its valuation premium tends to stabilize as the denominator—its Bitcoin stock—increases,” explained the team led by Gautam Chhugani. They also noted that with leverage levels around 18% (convertible debt compared to Bitcoin net asset value), the company can still tap both debt and equity markets to expand its Bitcoin portfolio. If Bitcoin’s price hovers around $100,000, the analysts believe MicroStrategy can sustain its accumulation trajectory.

The company has introduced a key performance indicator called “Bitcoin Yield” to track its Bitcoin holdings growth in relation to share dilution. As of December 15, its year-to-date Bitcoin Yield stood at 72.4%. This metric underscores the firm’s success in increasing its Bitcoin reserves while managing the impact on shareholders through careful capital management.

MicroStrategy’s share price closed at $408.67 on Friday, up 4.2% and reflecting a remarkable year-to-date increase of more than 490%, according to TradingView. Early on Monday, the stock was up an additional 3.5% in pre-market trading.

In another noteworthy development, MicroStrategy is set to join the Nasdaq 100 index on December 23, which will prompt a wave of buying from several large exchange-traded funds, including the heavily followed QQQ. Bloomberg analyst James Seyffart estimates that at least $2.1 billion in shares will be purchased as a result of its inclusion.

By joining the Nasdaq 100, MicroStrategy becomes the index’s 40th largest company, representing a 0.47% weighting, according to Bernstein’s estimates. The analysts see this as a catalyst for improved liquidity, increased visibility, and an enhanced “capital flywheel” effect that could further support the firm’s Bitcoin acquisition program.

“With the likely boost from Nasdaq 100 inclusion, MicroStrategy may continue to sell stock at current elevated levels to fund even more Bitcoin purchases,” the Bernstein analysts commented. They acknowledged that this approach could appear alarming to skeptics, but they emphasize that the company’s strategy is rooted in long-term conviction. MicroStrategy plans to hold Bitcoin until it surpasses gold’s market value and potentially reaches beyond $1 million per coin.

As the capital markets remain eager for Bitcoin exposure—both through equity and convertible debt—analysts anticipate MicroStrategy exploring other long-term financing avenues, such as preference shares, to further scale its balance sheet.

Following the Nasdaq 100 milestone, Bernstein analysts believe the market’s attention will shift toward MicroStrategy’s potential inclusion in the S&P 500 in 2025. Although joining the S&P 500 poses a greater challenge—partly due to the limited profitability of its core software business—a recent accounting rule change from the Financial Accounting Standards Board (FASB) could reshape the firm’s outlook. Starting in 2025, FASB’s new mark-to-market guidelines for Bitcoin holdings may enable MicroStrategy to recognize unrealized gains on its massive Bitcoin position, potentially strengthening its case for inclusion in one of the world’s most widely followed equity benchmarks.