The company bought 7,002 bitcoins at a cost of $414 million
in its fourth quarter so far — between October 1 and November 29 — it said in a
Securities and Exchange Commission filing Monday. That brings its total
stockpile to 121,044 tokens.
It paid an average of $59,187 per bitcoin, during a period
when the cryptocurrency rallied, then fell back. Bitcoin began surging in
October, lifted by excitement around the SEC's approval of the first bitcoin
futures ETFs. It hit a record high of $69,044 on November 10, but has retreated
to trade at $56,959 on Monday, according to CoinGecko data.
Despite the cryptocurrency's price moves, MicroStrategy and
its CEO Saylor have repeatedly vowed to keep building its bitcoin stockpile for
years to come.
The company "will continue to acquire [bitcoin] quarter
by quarter, time to time, either with cash flows or with debt or with equity,
just depending upon market circumstances and what looks most accretive to our
shareholders," Saylor told CNBC in an interview earlier this month.
MicroStrategy now owns a total of 121,044 bitcoins, picked
up for an average price of $29,534 per token. At current prices, its holding is
worth about $6.89 billion — but cost the company $3.57 billion to purchase,
according to the filing.
In its most recent earnings report in September,
MicroStrategy booked impairment losses of $754.7 million on its bitcoin
holdings. That figure may well have changed given the cryptocurrency's
subsequent rally.
MicroStrategy's stock was up 2.83% at $681.73 in Monday
morning trading, and has risen about 75% this year so far.
Other companies have made big bets on bitcoin, though
MicroStrategy is seen as a leader. Elon Musk's electric-car maker Tesla holds
42,902 bitcoins worth $2.45 billion, according to Bitcoin Treasuries. Jack
Dorsey's digital payments company Square has 8,027 bitcoins valued at $459.5
million, while Mike Novogratz' group Galaxy Digital has 6,400 bitcoins priced
at $938.8 million.
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