Sept 13 (Reuters) - Software firm MicroStrategy ( MSTR )

acquired bitcoin worth $1.11 billion between Aug. 6 and Sept 12,

boosting its total holdings of the world's biggest

cryptocurrency to roughly $9.45 billion.

WHY IT'S IMPORTANT

The approval of spot bitcoin exchange-traded funds by the

Securities and Exchange Commission in January along with support

from Wall Street and figures like Elon Musk has brought the

once-nascent asset class closer to the mainstream.

Analysts have said MicroStrategy's ( MSTR ) purchase of bitcoin to

protect the value of its reserve assets has helped strengthen

the appeal of the firm's stock, which tends to move in tandem

with the digital asset.

CONTEXT

MicroStrategy ( MSTR ) began buying and holding bitcoin in 2020 as

revenue from its software business eased, and it is now the

largest corporate holder of the cryptocurrency.

MicroStrategy ( MSTR ), which ended 2023 with 190,000 bitcoin on its

balance sheet, had indicated that it would increase its

exposure.

MicroStrategy's ( MSTR ) board of directors decided in favor of a

10-for-1 stock split in July, to make it more accessible to

investors.

BY THE NUMBERS

MicroStrategy ( MSTR ) bought about 18,300 bitcoins at an average

price of about $60,408 per bitcoin between Aug. 6 and Sept 12.

The company and its subsidiaries held about 244,800 bitcoins

as of Sept 12, 2024.

The total holding equates to about $9.45 billion,

representing an average purchase price of about $38,585 per

bitcoin, including fees and expenses.

MicroStrategy's ( MSTR ) shares have more than doubled in 2024, while

bitcoin has gained nearly 31% year-to-date.

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