MicroStrategy Acquires 16,130 Bitcoin, Bringing Total Holdings to Over $6 Billion
In a recent announcement, business intelligence firm MicroStrategy revealed that it purchased an additional 16,130 Bitcoin (BTC) in November, further increasing its already substantial holdings. The company’s co-founder, Michael Saylor, stated that the BTC was acquired for approximately $593.3 million, at an average price of $36,785 per Bitcoin. This brings MicroStrategy’s total Bitcoin holdings to 174,530 BTC, worth around $6.6 billion at the time of the announcement.
MicroStrategy has been consistently buying large volumes of Bitcoin since August 2020, when it declared that it would adopt the cryptocurrency as its treasury reserve asset. This move has proven to be lucrative for the firm, with Saylor reporting a gain of $900 million for its Bitcoin holdings in the third quarter of 2023.
Despite the volatility of the cryptocurrency market, MicroStrategy remains confident in its decision to invest in Bitcoin. The company’s CEO, Phong Le, hinted that they would continue to make consistent purchases, suggesting a long-term commitment to Bitcoin as a store of value.
MicroStrategy’s latest Bitcoin purchase announcement coincided with a 10% increase in the cryptocurrency’s price during November. This surge in value further solidified the company’s belief in Bitcoin’s potential for growth and its ability to act as a hedge against inflation.
As the adoption of Bitcoin by institutional investors continues to grow, MicroStrategy remains at the forefront of this movement. Its consistent purchases of Bitcoin demonstrate its confidence in the cryptocurrency’s ability to provide long-term value and serve as a reliable store of wealth.
While the cryptocurrency market remains volatile, MicroStrategy’s strategic approach to investing in Bitcoin has proven to be profitable. As the company’s Bitcoin holdings surpass $6 billion, it will be interesting to see how other businesses and institutional investors follow suit and diversify their portfolios with digital assets.