Business analytics firm MicroStrategy Inc. (NASDAQ:MSTR) on Tuesday announced it has expanded its Bitcoin (CRYPTO: BTC) holdings by purchasing an additional 11,000 BTC for approximately $1.1 billion, averaging $101,191 per coin.
This acquisition brings the company’s total Bitcoin assets to 461,000 BTC, acquired at an aggregate cost of $29.3 billion, with an average purchase price of $63,610 per Bitcoin.
The company’s consistent Bitcoin acquisitions have positioned it as one of the largest corporate holders of the cryptocurrency.
MicroStrategy has funded its Bitcoin purchases using a combination of at-the-market stock sales and convertible debt issuances, seeking to raise $42 billion in capital through these methods by 2027.
Its approach has influenced other publicly traded companies to consider Bitcoin investments.
Notably, Marathon Digital Holdings (NASDAQ:MARA) holds approximately 26,842 BTC, and Coinbase Inc. (NASDAQ:COIN) possess around 9,000 BTC.
Also Read: EXCLUSIVE: Trump Does Not Establish Bitcoin Reserve, Crypto-Friendly Policies On Day 1—And Now?
Similar to Marathon, Hut 8 Mining Corp. (NASDAQ:HUT) is another publicly traded Bitcoin miner that holds Bitcoin as part of their treasury management.
Electric vehicle manufacturer Tesla made a significant purchase of $1.5 billion in Bitcoin in early 2021.
Block Inc., formerly Square, led by Jack Dorsey, holds around $235 million in Bitcoin on its balance sheet.
On Tuesday, MicroStrategy shareholders will vote on a proposal to increase authorized Class A common stock from 330 million to 10.3 billion shares and authorized preferred stock from 5 million to 1 billion shares.
With Michael Saylor holding approximately 47% of voting power, the proposed amendments are likely to be approved.
As of now, MicroStrategy has $5.42 billion remaining under its equity offerings plan.
Expanding share sales would enable the company to further support its ongoing strategy of purchasing additional Bitcoin.
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