Two months after Microstrategy announced that it had purchased 13,005 bitcoin for a total of $489 million with proceeds from the first ever crypto junk bond, the company has been buying more, and in an 8K published this morning, the company announced that "during the third quarter of the Company’s fiscal year to date (the period between July 1, 2021 and August 23, 2021), the Company purchased approximately 3,907 bitcoins for approximately $177.0 million in cash, at an average price of approximately $45,294 per bitcoin."
As a result, as of Monday, August 23, 2021, the Company holds approximately 108,992 bitcoins that were acquired at an aggregate purchase price of $2.918 billion and an average purchase price of approximately $26,769 per bitcoin.
This means that the market value of MSTR's bitcoin as of this moment is just over $5.3 billion, which is materially lower than its market cap of $7 billion. Assigning the company's core business a valuation of approximately $1 billion means, that the market is trading MSTR at roughly a 10% premium to its bitcoin holdings.
Microstrategy also reminded that it can - and will - continue to sell stock to buy more bitcoin:
As previously disclosed, on June 14, 2021, the Company entered into an Open Market Sale AgreementSM with Jefferies LLC, as agent (“Jefferies”), pursuant to which the Company may issue and sell shares of its class A common stock, par value $0.001 per share (“Shares”), having an aggregate offering price of up to $1.0 billion from time to time through Jefferies (collectively, the “ATM Facility”). On August 24, 2021, the Company also announced that during the third quarter of the Company’s fiscal year to date (the period between July 1, 2021 and August 23, 2021), the Company had issued and sold an aggregate of 238,053 Shares under the ATM Facility, at an average gross price per Share of approximately $753.21, for aggregate net proceeds to the Company (less sales commissions and expenses) of approximately $177.5 million.
The source can be found here.