MicroStrategy Buys $593 Million Worth of Bitcoin
The firm now holds over $5 billion worth of Bitcoin.
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Business intelligence firm MicroStrategy announced today that it has purchased an additional 16,130 Bitcoins for approximately $593.3 million. MicroStrategy’s Bitcoin holdings now stand at 174,530 Bitcoins acquired for $5.28 billion at an average price of just over $30,000 per Bitcoin.
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 https://t.co/3XHhpIvsuA
— Michael Saylor⚡️ (@saylor) November 30, 2023
According to MicroStrategy founder and Executive Chairman Michael Saylor, who tweeted the news, the company paid an average price of $36,785 per Bitcoin in this latest acquisition tranche.
With today’s purchase, the value of the holdings is now valued at over 70% of the company’s total stock market valuation of $7.3 billion.
MicroStrategy holds a Bitcoin treasury more than 12 times larger than its closest institutional peer, Bitcoin miner Marathon Digital, which has 13,726 Bitcoins worth $517 million at current prices, according to Bitcoin Treasuries.
MicroStrategy made its first major Bitcoin purchase in August 2020 and has routinely added to its stash since then, even as the price of the most popular digital asset has fluctuated wildly.
Saylor has said that Bitcoin acts as a reserve asset for the enterprise software company, allowing it to avoid inflationary pressures.
BTC is trading at $37,740, down -1.3% over the past 24 hours, according to Coingecko.
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