Business intelligence software provider 'MicroStrategy' is once again making a significant investment in Bitcoin! According to documents submitted to the U.S. SEC on Monday, MicroStrategy spent $1.5 billion to acquire 15,350 Bitcoin at an average price of $100,386 during the period from December 9 to 15.

The funds for MicroStrategy's Bitcoin purchases primarily come from the sale of over 3.88 million shares of the company's stock during the same period, with proceeds amounting to exactly $1.5 billion.

As of December 15, MicroStrategy still has about $7.65 billion worth of stock available for sale, which is part of the company's $21 billion stock issuance plan and $21 billion fixed-income securities issuance plan. MicroStrategy aims to raise $42 billion over the next three years to continue purchasing more Bitcoin.

So far, MicroStrategy's Bitcoin holdings have reached 439,000 coins, accounting for about 2.1% of the total Bitcoin supply (21 million coins), with a total value exceeding $45 billion at current market value.

According to the company's co-founder and executive chairman Michael Saylor, the average cost of Bitcoin held by MicroStrategy is about $61,725 per coin, with a total cost of approximately $27.1 billion (including fees and related expenses).

Spending $17.5 billion on Bitcoin in 6 weeks! Market views are polarized.

This marks MicroStrategy's sixth consecutive week of announcing significant Bitcoin purchases. Just last week, the company spent approximately $2.1 billion to buy 21,550 Bitcoin at an average price of $98,783 per coin; the week before that, MicroStrategy also invested $1.5 billion to increase its Bitcoin holdings.

In other words, over the past six weeks, MicroStrategy has purchased a total of $17.5 billion in Bitcoin, accounting for about 39% of the current $45 billion value of its Bitcoin holdings.

However, such an aggressive strategy has sparked polarized views in the market. Despite MicroStrategy's market capitalization soaring to $92 billion and its stock price exceeding the estimated net asset value (NAV) of its Bitcoin holdings, many investors remain cautious about the company relying on equity and bond fundraising to continuously purchase Bitcoin.

However, analysts at the research firm Bernstein believe that there is still room for MicroStrategy's Bitcoin strategy to continue advancing.

They point out that as MicroStrategy buys more Bitcoin, the market valuation premium will gradually rationalize, and with the company's current leverage ratio (convertible bonds constituting 18% of Bitcoin net value) still having room to expand, it means the company can still issue more convertible bonds to raise funds. Analysts emphasize:

If Bitcoin prices continue to consolidate around $100,000, MicroStrategy should be able to maintain this pace of increased purchases.

Officially joining the 'Nasdaq 100 Index'

More notably, MicroStrategy will officially join the 'Nasdaq 100 Index' on December 23, becoming the 40th largest company in the index, accounting for about 0.47%.

This also means that popular exchange-traded funds (ETFs) like QQQ will simultaneously buy MicroStrategy stocks. Bloomberg analyst James Seyffart estimates that this will bring in at least $2.1 billion in capital inflow.

Bernstein analysts believe that being included in the 'Nasdaq 100 Index' will further enhance MicroStrategy's market capitalization and market liquidity, creating a 'capital flywheel effect' that allows the company to continuously sell stocks and purchase Bitcoin.

For those not optimistic about Bitcoin, this may sound like a nightmare, but MicroStrategy's strategy is to continuously buy Bitcoin and hold it long-term until Bitcoin surpasses gold and even breaks the $1 million mark.

Going forward, the market is more concerned about whether MicroStrategy is expected to join the 'S&P 500 Index' in 2025.

Although the company's core software business has not yet met profit targets, the newly implemented FASB cryptocurrency accounting rules will allow the company to account for unrealized Bitcoin investment gains and losses in its financial reports, which may become a key support for MicroStrategy's entry into the S&P 500.