Tech giant MicroStrategy purchased another 11,000 Bitcoin (BTC) for around $1.1 billion on Tuesday, its president and co-founder Michael Saylor revealed in a social media post on X (formerly Twitter).
This acquisition marks the company’s 11th consecutive week of Bitcoin purchases, cementing its status as a significant player in the digital currency space. Saylor has been at the forefront of this strategy, positioning the enterprise software company as a leveraged Bitcoin proxy.
MicroStrategy’s Bitcoin holdings increase
According to documents filed by Microstrategy with the US Securities and Exchange Commission (SEC), the company acquired Bitcoin at an average price of around $101,191 per token between January 13 and 20.
With this latest purchase, the company now holds over 2% of all Bitcoin that will ever be mined, amounting to approximately $47.9 billion in total Bitcoin. MicroStrategy financed these acquisitions through a combination of market share sales and convertible debt offerings.
The timing of this latest purchase aligns with a broader shift in the regulatory environment under President Donald Trump, who has gone from being a cryptocurrency skeptic to an industry supporter.
This change is expected to create a more favorable regulatory environment for cryptocurrencies, prompting Saylor and MicroStrategy to accelerate their capital targets and Bitcoin purchase efforts.
Ahead of Trump’s inauguration, the company co-founder also attended the first “Crypto Ball” in Washington on Friday, where he met with key figures from the new administration.
New actions to support the BTC strategy
In a related development, MicroStrategy shareholders also voted Tuesday to approve a staggering 30-fold increase in the number of shares of Class A common stock authorized, taking it from 330 million to 10.3 billion.
According to a Bloomberg report, this decision, approved with approximately 56% of the votes, aims to facilitate further financing for the company’s Bitcoin purchases. Additionally, shareholders voted to increase authorized shares of preferred stock from 5 million to 1 billion.
Such amendments will become effective once MicroStrategy files the required certificate of amendment with the Delaware Secretary of State. The report notes that because President Saylor holds approximately 47% of the voting power, the outcome was widely expected.
The newly authorized shares will also be used for various financial strategies, including private transactions of Class A shares, sales of equity shares in the market, and settlement of redemptions or conversions of convertible securities. However, the company indicated that it may choose not to sell all of the additional shares.
At the time of writing, Bitcoin continues to experience significant price volatility, with its price suggesting a new all-time high. It is currently trading at $106,400, which represents a 2.5% increase over 24 hours.
Featured image from DALL-E, chart from TradingView.com