Nasdaq-listed business intelligence firm MicroStrategy has bought an additional 14,620 Bitcoin (BTC) for around $615.7 million, at an average price of $42,110 per coin, according to the firm’s co-founder and executive chairman Michael Saylor.

In a post shared with his over 3.2 million followers on the microblogging platform X (formerly known as Twitter), Saylor detailed that MicroStrategy is now holding onto 189,150 BTC that were bought for around $5.9 billion in total, at an average price of $31,168 per coin.

The firm’s Bitcoin holdings are currently worth over $8.3 billion and represent around 0.9% of the flagship cryptocurrency’s total supply. The second-largest publicly traded cryptocurrency holder is Marathon Digital Holdings, a BTC miner that has 13,396 BTC, followed by electric car maker Tesla, which has 9,720 BTC.

MicroStrategy has been accumulating Bitcoin over the last few years and has kept on buying throughout the bear market. Its BTC position turned positive after Bitcoin’s price surged by more than 160% so far this year amid a wider market recovery.

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Saylor has notably recently broken down Bitcoin’s recently rally in an interview on CNBC’s “Closing Bell: Overtime,” where he attributed the recent rally to the digital transformation of capital.

Blockstream founder and CEO Adam Back noted on the microblogging platform that MicroStrategy has been financing the firm’s BTC purchases by selling new shares on the market and diluting existing shareholders, and using the proceeds to buy BTC.

Per Back, the ratio of BTC per share has increase, which means the “net effect is about 1.4% anti-dilutive in bitcoin/share.”

note how this works is $MSTR sold $610m new shares at the market (diluting existing shareholders % ownership), but it uses the proceeds to buy BTC and in fact again BTC/share ratio increased. the net effect is about 1.4% anti-dilutive in #bitcoin/share. https://t.co/SwiccmH7AL

— Adam Back (@adam3us) December 27, 2023

Back added that the firm previously bought 174,530 BTC on 15.64 million shares, and sold 1.077 million new shares for $610 million to add $617 million worth of BTC to its position, meaning that its BTC/share rose from 0.011159 BTC to 0.011313 BTC/share.

Featured image via Unsplash.

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• Source: https://www.cryptoglobe.com/latest/2023/12/microstrategy-adds-615-million-worth-of-bitcoin-to-its-treasury-to-no-hold-0-9-of-btcs-supply/