News

Bitcoin Development Company MicroStrategy (MSTR) added to its mammoth bitcoin (BTC) holdings last week with the purchase of another 21,550 tokens.

The buys were made over the week ended Dec. 8 and the firm paid an average price of $98,783 each, totaling $2.1 billion, according to a Monday regulatory filing . It funded the acquisition by selling roughly $2.13 billion shares during the same period. The company now has an additional $9.19 billion remaining from its previously existing $21 billion at-the-market (ATM) share sales facility.

The latest buying spree brought the firm's BTC holdings to 423,650, or nearly $42 billion worth at current prices. Led by Executive Chairman Michael Saylor, MicroStrategy now holds more than 2% of the 21 million bitcoin that can ever exist.

The purchases took place and perhaps contributed to bitcoin's price action as the crypto crossed above $100,000 last week for the first time in its history with significant U.S. investor activity bidding spot prices higher. Alongside, U.S. spot bitcoin ETFs also saw massive inflows raking in $2.73 billion in fresh funds last week, data compiled by Farside Investors showed.

MicroStrategy shares were down 1% to $395 in premarket trading alongside a modest decline in bitcoin prices to $99,000.

In other corporate adoption news, bitcoin mining firm Riot Platforms (RIOT) announced Monday a $500 million convertible note offering to be used primarily to purchase BTC.