- MicroStrategy has again bought a large amount of Bitcoin, purchasing over 16,000 BTC in November for around $600 million. This brings the company’s total Bitcoin holdings to over $6 billion.
- MicroStrategy has consistently been accumulating Bitcoin since first announcing its strategy to adopt BTC as its primary treasury reserve asset in August 2020.
- MicroStrategy’s latest Bitcoin purchase comes after a price increase for BTC in November. The company remains one of the biggest institutional investors in Bitcoin.
Business intelligence firm MicroStrategy has once again demonstrated its commitment to acquiring Bitcoin, revealing in a November 30 announcement that it had purchased 16,130 BTC for roughly $593.3 million. This latest purchase brings the company’s total holdings to over $6 billion worth of Bitcoin.
MicroStrategy’s Ongoing Bitcoin Accumulation Strategy
Since first announcing in August 2020 that it would adopt Bitcoin as its primary treasury reserve asset, MicroStrategy has consistently been purchasing large amounts of BTC.
CEO Michael Saylor shared news of the company’s most recent acquisition via tweet, stating that the 16,130 BTC were acquired at an average price of $36,785 per bitcoin. As of November 29, MicroStrategy held 174,530 BTC, acquired at an average price of $30,252 per Bitcoin for a total of $5.28 billion.
This announcement comes just two months after Saylor reported in September that MicroStrategy had bought 5,445 BTC for around $147 million.
Bitcoin Price Increases in November
MicroStrategy’s latest Bitcoin purchase followed a notable price increase for the cryptocurrency in November. BTC rose by roughly 10% during the month, allowing the firm to report a $900 million gain on its Bitcoin holdings in Q3 2023.
At the time, MicroStrategy CEO Phong Le hinted that the company would maintain its strategy of making consistent BTC purchases. And with its holdings now worth approximately $6 billion, MicroStrategy remains one of the largest institutional investors in Bitcoin.
Conclusion
Through its continued accumulation of Bitcoin, even amid market volatility, MicroStrategy has solidified its place as a leading advocate for BTC adoption. And other corporations seem to be taking notice, with MicroStrategy’s Bitcoin strategy increasingly serving as a model for companies looking to allocate part of their reserves to the cryptocurrency. It remains to be seen just how large MicroStrategy’s Bitcoin holdings will grow in the months and years ahead.
