MicroStrategy Buys 2,138 More Bitcoin – Q4 and Full-Year BTC Yield Shines

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MicroStrategy continues to make headlines in the cryptocurrency space with its latest acquisition of 2,138 Bitcoin (BTC), reinforcing its position as the largest publicly traded corporate holder of Bitcoin. The purchase, completed between December 23 and December 29, 2024, brings the company’s total Bitcoin holdings to an all-time high of 446,400 BTC, acquired at a cumulative cost of approximately $27.9 billion.

This strategic move not only underscores MicroStrategy’s unwavering confidence in Bitcoin as a long-term store of value but also highlights the effectiveness of its capital-raising strategy through equity offerings. With a QTD BTC yield of 47.8% and a YTD yield of 74.1%, the company is demonstrating how innovative financial engineering can amplify shareholder value in the digital asset era.

Strategic Bitcoin Acquisition Funded by Equity Sales

MicroStrategy leveraged proceeds from its at-the-market (ATM) equity offering program—initiated in October 2024—to fund the recent Bitcoin purchase. During the acquisition window, the company raised $209 million** by selling shares of its Class A common stock. These funds were deployed to acquire Bitcoin at an average price of **$97,837 per BTC, including transaction fees.

This approach aligns with MicroStrategy’s long-standing strategy: using equity capital to accumulate Bitcoin during market upswings when stock valuations are favorable. By timing equity sales to coincide with positive market sentiment, the company effectively monetizes investor confidence in its Bitcoin thesis to acquire more of the asset it believes in.

As of December 29, 2024, MicroStrategy still has approximately $6.88 billion in remaining registration capacity under its current ATM program, providing significant flexibility for future Bitcoin purchases without immediate debt obligations.

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Record-Breaking Bitcoin Holdings: 446,400 BTC

With this latest acquisition, MicroStrategy now holds 446,400 BTC, marking a dramatic increase from just 189,150 BTC at the end of 2023. The company has nearly tripled its Bitcoin reserves in a single year, showcasing aggressive execution of its core strategy.

Despite purchasing Bitcoin at higher prices in late 2024, the company maintains a disciplined average acquisition cost of $62,428 per BTC across its entire portfolio. This figure reflects early purchases at lower price points and demonstrates the long-term cost advantages of consistent accumulation—even amid volatility.

MicroStrategy’s growing BTC reserves solidify its role as a bellwether for institutional Bitcoin adoption. As a publicly listed company, its transparent reporting offers investors a clear view into large-scale digital asset management and corporate treasury innovation.

Impressive BTC Yield: 47.8% QTD and 74.1% YTD

One of the most compelling metrics in MicroStrategy’s latest report is its BTC yield, a proprietary performance indicator designed to measure the efficiency of its equity-for-Bitcoin strategy.

BTC yield is calculated based on the percentage change in the ratio of Bitcoin holdings to diluted shares outstanding over a given period. In simple terms, it shows how much Bitcoin the company gains per share through strategic financing activities.

A rising BTC yield indicates that MicroStrategy is acquiring Bitcoin faster than it is diluting shareholders through stock issuance—a key goal of its capital strategy. This metric has become central to investor analysis, especially as traditional valuation models struggle to assess a company whose primary asset is a volatile digital currency.

Equity Financing Fuels Continued Expansion

MicroStrategy’s ability to scale its Bitcoin holdings relies heavily on its flexible equity financing model. In December alone, the company sold 592,987 shares through its ATM program, raising $209 million without disrupting market stability.

Following a 10-for-1 stock split earlier in 2024, MicroStrategy now has approximately 245,459 basic shares outstanding, making its stock more accessible to retail investors while maintaining liquidity for future capital raises.

Beyond equity sales, the company has also used convertible bond offerings to optimize its capital structure. These instruments allow MicroStrategy to raise funds at low interest rates while giving investors the option to convert debt into equity—aligning incentives and supporting long-term BTC accumulation goals.

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Understanding BTC Yield: A Unique Performance Metric

While traditional financial metrics like ROI or EPS dominate corporate reporting, MicroStrategy’s BTC yield stands apart as a purpose-built KPI for its Bitcoin-centric strategy.

What BTC Yield Measures:

Limitations to Consider:

Despite these caveats, BTC yield provides valuable insight into how effectively MicroStrategy converts investor capital into digital asset growth—an increasingly relevant metric as more firms explore Bitcoin treasury strategies.

Strategic Implications for MicroStrategy and the Market

MicroStrategy’s relentless Bitcoin accumulation cements its status as a pioneer in corporate digital asset adoption. By treating Bitcoin as a primary treasury reserve asset—similar to how companies hold cash or gold—the company challenges conventional financial norms and sets a precedent for others to follow.

Its success has already inspired other public and private entities to consider similar strategies, particularly in environments marked by inflationary pressures and low-yield traditional markets.

However, this strategy carries inherent risks:

Investors must weigh these factors carefully. While the potential upside is substantial, so is the risk profile.

Frequently Asked Questions (FAQ)

What is MicroStrategy’s total Bitcoin holding as of late 2024?

MicroStrategy holds 446,400 Bitcoin, acquired at an average price of $62,428 per BTC.

How does MicroStrategy afford to buy so much Bitcoin?

The company raises funds through equity offerings and convertible debt instruments, using the proceeds to purchase Bitcoin when market conditions are favorable.

What does BTC yield mean?

BTC yield measures the percentage increase in Bitcoin held per diluted share over time. It reflects how efficiently MicroStrategy converts equity capital into Bitcoin.

Is MicroStrategy still buying Bitcoin?

Yes. With $6.88 billion in remaining registration capacity under its ATM program, MicroStrategy retains significant firepower for future acquisitions.

How does stock dilution affect shareholders?

While issuing new shares dilutes ownership percentages, MicroStrategy aims to ensure that the value added from acquiring more Bitcoin outweighs dilution effects—reflected in rising BTC yield.

What are the risks of MicroStrategy’s strategy?

Key risks include Bitcoin price volatility, equity market dependence, regulatory changes, and lack of business diversification.

Final Thoughts: A Bold Vision for Corporate Finance

MicroStrategy’s latest purchase of 2,138 BTC is more than just a transaction—it’s a statement. The company continues to push the boundaries of corporate finance by treating Bitcoin as a superior form of money and treasury reserve.

With record holdings, strong BTC yield performance, and a scalable funding model, MicroStrategy remains at the forefront of the institutional Bitcoin movement. As macroeconomic conditions evolve in 2025, its strategy may serve as a blueprint—or a cautionary tale—for businesses navigating the future of value storage.

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