Published
5 months ago on
December 01, 2023
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Business intelligence firm MicroStrategy, the largest corporate holder of Bitcoin, purchased around 16,139 BTC worth around $608 million at current prices in November.
The purchase means the company has increased its Bitcoin holdings by 10%, with the firm now holding over $5 billion worth of Bitcoin.
MicroStrategy Increases Bitcoin Holdings
MicroStrategy is already the largest corporate holder of Bitcoin (BTC). In November, the company further increased its Bitcoin holdings, purchasing BTC worth $608 million at current prices. The firm purchased the cryptocurrency for $593 million in cash at an average price of $36,785 per BTC. According to a regulatory filing, the company now holds a staggering 174,530 BTC, bought at an average price of $30,252. MicroStrategy founder and executive chairman Michael Saylor shared the news of the latest purchase in a post on X.
“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”
November has seen a considerable increase in MicroStrategy’s purchasing activities when it comes to Bitcoin. As of October end, Microstrategy held 158,400 BTC, having bought 6607 BTC since the beginning of the third quarter. With this latest purchase, MicroStrategy has increased its Bitcoin holdings by a further 10%. The firm currently holds 174530 BTC worth $5.28 billion.
MicroStrategy’s BTC Holdings Worth 70% Of Company Value
The latest purchase means the value of MicroStrategy’s Bitcoin holdings is worth more than 70% of the company’s stock market valuation of over $7 billion. The firm’s Bitcoin holdings are over 12 times larger than those of its closest institutional rival and peer, Bitcoin miner Marathon Digital. According to data from Bitcoin Treasuries, Marathon Digital currently holds 13,726 BTC worth around $517 million at current prices.
MicroStrategy made its first substantial purchase of Bitcoin back in August 2020. Since then, the firm has doubled down on its BTC strategy and has regularly purchased BTC to add to its holdings. This has been done despite the price of BTC experiencing significant volatility that has seen it reach historic highs and lows. In the past, Saylor has defended the company’s purchase of Bitcoin, stating that it acts as a reserve asset for the firm, enabling it to avoid significant inflationary pressures. BTC is currently trading at $38,300, up by just over 1%.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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