MicroStrategy Shares Are Surging Monday: What’s Going On?
Posted On November 18, 2024
MicroStrategy Incorporated (NASDAQ:MSTR) shares are trading higher Monday after the company acquired 51,780 additional Bitcoin (CRYPTO: BTC). Here’s what you need to know.
What To Know: MicroStrategy announced in a new SEC filing that it purchased approximately 51,780 Bitcoins for approximately $4.6 billion in cash between Nov. 11 and Nov. 17. The purchases, made at an average price of $88,627, were funded through proceeds from the issuance and sale of shares under the company’s Sales Agreement entered into on Oct. 30.
MicroStrategy and its subsidiaries now hold 331,200 Bitcoins, acquired for a total purchase price of about $16.5 billion, or $49,874 per Bitcoin. Based on Monday’s bitcoin prices, …
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