MicroStrategy has completed its third-largest Bitcoin acquisition on record, purchasing 34,164 BTC for approximately $2.54 billion between April 13 and April 19. The latest purchase pushes the company’s total Bitcoin holdings to 815,061 BTC, cementing its position as the world’s largest public corporate Bitcoin holder. The supporting evidence appears in the filing.
The acquisition was disclosed in an 8-K filing with the Securities and Exchange Commission on Monday. The company purchased the Bitcoin at an average price of $74,395 per coin, slightly below its overall average acquisition cost of $75,527 across all holdings.
Record Breaking Purchase Activity
The acquisition represents MicroStrategy’s third-largest Bitcoin purchase by volume, trailing only previous acquisitions of 55,500 BTC and 51,780 BTC completed in November 2024. The company’s total Bitcoin investment now stands at $61.56 billion across all purchases since initiating its Bitcoin treasury strategy.
The majority of funding for this latest purchase came through the company’s perpetual preferred security MSTR. According to the SEC filing, MSTR generated $2.18 billion, representing approximately 85.7% of the total proceeds needed for the acquisition.
Sales of Class A common stock contributed an additional $366 million to complete the funding.
Individual trading days during the purchase period set new company records for Bitcoin acquisition activity. Data from MSTR Live shows that April 13 marked the largest single-day Bitcoin purchase through the company’s at-the-market program, with an estimated 7,741 BTC acquired through the sale of 11.9 million shares.
The following day broke that record immediately, with approximately 9,364 BTC purchased through 14.4 million shares sold via the at-the-market program. The two consecutive days combined for an estimated 17,204 BTC in purchases, representing a 518% surge compared to the four-week average acquisition rate.
Strategic Funding and Dividend Innovation
MicroStrategy’s funding approach through its perpetual preferred security has become increasingly central to its Bitcoin accumulation strategy.
The MSTR instrument has enabled the company to raise capital for Bitcoin purchases while maintaining flexibility in its capital structure and avoiding immediate dilution pressures on common shareholders.
The company has also announced plans to implement a unique dividend structure for MSTR holders. According to Friday’s disclosure, MicroStrategy is considering paying MSTR dividends twice monthly, which would make it the only preferred security globally to offer semi-monthly dividend payments.
“If we were to move forward with paying MSTR semi-monthly, we would be in category one, the only preferred in the world that pays semi-monthly dividends. We think this is unique and attractive,” stated MicroStrategy CEO Phong Le during recent investor communications.
The dividend innovation represents another element of the company’s broader strategy to create attractive investment vehicles while funding continued Bitcoin acquisitions.
The semi-monthly payment schedule would provide more frequent cash flows to preferred security holders compared to traditional quarterly or annual dividend structures.
Co-founder Michael Saylor had signaled the impending large acquisition through social media posts over the weekend, maintaining his pattern of telegraphing major Bitcoin purchases before formal SEC disclosure.
This communication strategy has become a familiar pattern for MicroStrategy investors and Bitcoin market observers.
The acquisition timing coincides with Bitcoin trading in a range that has allowed MicroStrategy to purchase below its historical average cost basis.
With Bitcoin prices fluctuating around the $74,000 level during the purchase period, the company was able to acquire additional holdings at a slight discount to its cumulative average purchase price.
MicroStrategy’s Bitcoin strategy has evolved from its initial treasury diversification rationale into a comprehensive corporate Bitcoin accumulation vehicle.
The company’s ability to continuously raise capital through equity and preferred security sales while Bitcoin prices remain elevated demonstrates the ongoing investor appetite for Bitcoin exposure through traditional equity markets.
The scale of MicroStrategy’s Bitcoin holdings now represents a significant portion of the total Bitcoin supply available for institutional investment.
With over 815,000 BTC in corporate treasury, the company holds approximately 3.9% of Bitcoin’s total supply of 21 million coins, though a substantial portion of that supply remains unmined or held in long-term storage.
Looking ahead, MicroStrategy’s continued acquisition activity suggests the company remains committed to its Bitcoin accumulation strategy regardless of short-term price movements.
The development of more sophisticated funding mechanisms through preferred securities indicates potential for sustained large-scale purchases as market conditions permit.
Not Financial Advice: This article is for informational purposes only. Crypto investments are highly volatile. Always do your own research.
