MicroStrategy Acquires 16,130 Bitcoin in November
Business intelligence firm MicroStrategy has purchased 16,130 Bitcoin (BTC) in November, increasing its total holdings to over $6 billion. This follows the company’s decision in August 2020 to adopt Bitcoin as its treasury reserve asset. MicroStrategy co-founder Michael Saylor announced that the BTC was acquired for approximately $593.3 million, at a price of $36,785 per Bitcoin. As of November 29th, MicroStrategy reported holding 174,530 BTC, worth about $6.6 billion at the time, with an average price of $37,726 per Bitcoin.
Consistent Bitcoin Purchases by MicroStrategy
MicroStrategy has been consistently buying large amounts of Bitcoin since its decision to adopt the cryptocurrency as a treasury reserve asset. In September, the company bought 5,445 BTC for around $147 million. This recent purchase comes as the price of Bitcoin rose by approximately 10% in November. In the third quarter of 2023, MicroStrategy reported a gain of $900 million from its Bitcoin holdings. CEO Phong Le hinted that the company would continue making regular purchases.
Hot Take: MicroStrategy Bolsters Its Bitcoin Holdings
MicroStrategy continues to show confidence in Bitcoin by acquiring an additional 16,130 BTC in November. With total holdings now exceeding $6 billion, the business intelligence firm remains one of the largest institutional holders of Bitcoin. This move reaffirms MicroStrategy’s commitment to using Bitcoin as a long-term store of value and treasury reserve asset. As the price of Bitcoin continues to rise and gain mainstream acceptance, more companies may follow suit and consider adding it to their balance sheets.
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