MicroStrategy Increases Bitcoin Holdings with $593.3 Million Purchase
MicroStrategy, the business intelligence firm, continues to demonstrate its bullish outlook on Bitcoin by adding to its holdings of the leading cryptocurrency. In November, the company acquired an additional 16,130 BTC at an average price of $36,785 per Bitcoin, resulting in a total purchase price of approximately $593.3 million.
Total Bitcoin Holdings Reach 174,530 BTC
This recent purchase brings MicroStrategy’s total Bitcoin holdings to 174,530 BTC. In a filing with the U.S. Securities and Exchange Commission, the company stated that it has acquired these bitcoins at an aggregate purchase price of approximately $5.280 billion and an average purchase price of approximately $30,252 per bitcoin.
MicroStrategy Remains the Largest Institutional Holder of Bitcoin
MicroStrategy has consistently invested in Bitcoin since its initial purchase of 21,454 BTC in August 2020. With its latest acquisition, MicroStrategy solidifies its position as the largest institutional holder of Bitcoin.
Bitcoin Trading Sideways as MicroStrategy Bolsters Reserves
Despite Bitcoin’s sideways trading pattern, MicroStrategy continues to increase its reserves of the flagship cryptocurrency. While the price of BTC has fluctuated between below $35,000 and above $37,000 during November, it has yet to surpass the $40,000 mark. At the time of writing, Bitcoin is valued at $37,670.
Hot Take: MicroStrategy Continues Its Bullish Stance on Bitcoin
MicroStrategy’s ongoing purchases of Bitcoin reflect its unwavering confidence in the digital asset. With its latest acquisition of $593.3 million worth of BTC, the company further strengthens its position as the largest institutional holder of Bitcoin. As Bitcoin trades sideways, MicroStrategy’s actions demonstrate its long-term commitment to the cryptocurrency and its belief in its future potential.
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