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MicroStrategy (NASDAQ:MSTR) jumped 8.8% in Monday premarket trading after the business software company disclosed a big purchase of bitcoins (BTC-USD) as the token's value has surged since Donald Trump won a second term as president. Bitcoin's price increased 2.3% to $81.7K in Monday morning trading.
The company that holds bitcoin on its balance sheet with the conviction that it's a better store of value than cash said it sold a total of 7.85M shares as of Nov. 10, 2024, under previously announced at-the-market stock sales agreements, raising $2.03B. With those transactions, its August sales agreement has been substantially depleted. Further at-the-market sales of shares will be made under the sales agreement that was signed in October, allowing for the issue and sale of up to $21B of shares from time to time.
With the new capital, MicroStrategy (NASDAQ:MSTR) acquired 27,200 bitcoins for ~$2.03B in cash at an average price of $74,463 per bitcoin, inclusive of fees and expenses. As of Nov. 10, the company held a total of 279,420 bitcoins, which were acquired at an aggregate price of ~$11.,9B and an average purchase price of $42,692 per bitcoin (BTC-USD), including fees and expenses.
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