May 29, 2024
MicroStrategy's $6.6 Billion Bitcoin Stash
Bitcoin News

MicroStrategy Boosts Bitcoin Portfolio Over $6 Billion with 16,130 BTC Acquisition

MicroStrategy, a business intelligence firm, made a significant stride in the crypto realm by procuring an additional 16,130 bitcoins during November. This acquisition propelled the company’s total Bitcoin holdings to an impressive value surpassing $6 billion.

According to MicroStrategy’s co-founder, Michael Saylor, the firm invested approximately $593.3 million to secure these BTCs, translating to an average price of $36,785 per bitcoin. Their accumulated Bitcoin stash reached 174,530 by November 29, valuing around $6.6 billion based on the prevailing market rates, purchased at an average cost of $37,726 per bitcoin. Notably, this strategic accumulation of Bitcoins aligns with the company’s decision, articulated in August 2020, to integrate cryptocurrency into its treasury reserve assets.

Highlighting the consistent nature of their Bitcoin procurement, Saylor previously announced in September the acquisition of 5,445 BTC, a purchase amounting to roughly $147 million. MicroStrategy’s recent Bitcoin acquisition coincided with a surge in cryptocurrency prices, reflecting an approximate 10% increase during November.

The firm’s Bitcoin holdings have proven financially advantageous, with a reported gain of $900 million during the third quarter of 2023. CEO Phong Le indicated a steadfast commitment to ongoing acquisitions, hinting at the company’s intention to continue these strategic investments in the crypto space.

Image by freepik

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