DIGIVESTASI - MicroStrategy (MSTR) has once again expanded its bitcoin holdings by purchasing USD 1.1 billion worth of the digital asset, approximately IDR 17.95 trillion (exchange rate of 1 USD = IDR 16,321). This acquisition is one of the largest in over a month and marks the 11th consecutive week of bitcoin purchases.

According to Investopedia on Wednesday (1/22/2025), MicroStrategy added 11,000 bitcoin (BTC) to its portfolio, bringing the company’s total holdings to 461,000 BTC valued at around USD 47 billion. The purchase was financed through the issuance and sale of shares.

Stock Sale Strategy for Bitcoin Acquisition

MicroStrategy employs a strategy of stock sales and debt issuance to fund its bitcoin purchases. Last year, the company announced plans to raise USD 42 billion (approximately IDR 685.34 trillion) over three years as capital to increase its bitcoin holdings. This effort was expanded in early 2025 with an additional USD 2 billion purchase.

Next Tuesday, MicroStrategy shareholders are scheduled to vote on a proposal to increase the number of authorized Class A common shares to 10.3 billion from the previous 330 million. Additionally, the number of authorized preferred shares is proposed to increase to 1 billion from 5 million. If approved, this move would give MicroStrategy greater flexibility to finance bitcoin acquisitions through stock sales. As of January 21, the company had USD 5.42 billion in shares remaining to issue under its current capital plan.

Criticism of the Bitcoin Acquisition Strategy

Although bold, this strategy has drawn criticism from some investors who question the risks associated with issuing debt and shares to support this approach. However, MicroStrategy’s actions have inspired other public companies, such as bitcoin miner Marathon Digital (MARA), which employs a similar strategy for managing its bitcoin treasury.

During the most recent trading session, MicroStrategy’s stock initially dropped by 7% before closing down 3%. Despite this, the company’s stock achieved significant growth last year, rising by more than 690%.

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