MicroStrategy, the renowned business intelligence software company, once again takes center stage after acquiring a significant amount of Bitcoin. Michael Saylor, founder and former CEO of MicroStrategy, revealed that the company spent around $600 million in its latest Bitcoin acquisition.
This recent purchase amounted to about 16,130 BTC, with an average price of $36,785 per Bitcoin. It’s noteworthy that this is MicroStrategy’s second Bitcoin acquisition in November. Earlier in the month, the company made a transaction for 155 BTC, equivalent to approximately $5.3 million.
MicroStrategy has acquired an additional 16,130 BTC for ~$593.3 million at an average price of $36,785 per #bitcoin. As of 11/29/23, @MicroStrategy now hodls 174,530 $BTC acquired for ~$5.28 billion at an average price of $30,252 per bitcoin. $MSTR https://t.co/hSEZyzGBsr
— Michael Saylor⚡️ (@saylor) November 30, 2023
MicroStrategy Has Strong Confidence in Bitcoin
With this latest acquisition, MicroStrategy’s total Bitcoin holdings have soared to an impressive 174,530 BTC. The cumulative spending for this substantial cryptocurrency reserve is around $5.3 billion. According to the most recent data provided by CoinMarketCap, with the current BTC price hovering around $37,595, MicroStrategy has an unrealized profit of over $1.2 billion.
The relationship between MicroStrategy’s stock price and BTC performance is quite remarkable. The company’s shares experienced a significant increase in 2023, reaching a high above $520 after a 250% surge. Despite a slight retracement before Thursday’s market opening, MicroStrategy’s stock price remains above $500.
This strategic approach aligns with MicroStrategy’s commitment to Bitcoin, a stance adopted over three years ago. The company’s ongoing accumulation of BTC reflects confidence in the cryptocurrency as a store of value and a long-term investment. As BTC continues to gain prominence and adoption, MicroStrategy’s proactive involvement in the crypto space positions it as a key player due to its influence and significant holdings.
MicroStrategy demonstrates dedication to expanding its cryptocurrency portfolio and leveraging the potential benefits of holding a substantial amount of Bitcoin. The consistent and sustained acquisition of BTC also underscores the company’s belief in the enduring value and growth prospects of the leading cryptocurrency. The company is well aware of this and has historically capitalized on it.
