MicroStrategy Continues Bitcoin Buying Spree, Gobbles Up Another $615,700,000 Worth of BTC
Business intelligence firm MicroStrategy has now amassed over $8 billion worth of Bitcoin (BTC) following its recent haul of the flagship crypto asset.
In a post on social media platform X, MicroStrategy co-founder and executive chairman Michael Saylor says the company just bought another 14,620 BTC for around $615.7 million.
The world’s largest institutional holder of Bitcoin also bought 16,130 BTC for $593.3 million in November.
The recent acquisition brings MicroStrategy’s total Bitcoin holdings to 189,150 BTC, worth over $8 billion at the asset’s current price of $42,741.
“MicroStrategy has acquired an additional 14,620 BTC for ~$615.7 million at an average price of $42,110 per Bitcoin. As of 12/26/23, MicroStrategy now hodls 189,150 BTC acquired for ~$5.9 billion at an average price of $31,168 per Bitcoin.”
MicroStrategy made its first Bitcoin purchase in 2020, when it bought 21,454 BTC for $250 million. The company said in a press release at the time that the leading cryptocurrency can serve as a reasonable hedge against inflation and has the potential to bring higher returns compared with other assets.
Saylor, who was then the CEO of the company, said that the investment was part of a new capital allocation strategy to maximize long-term value for shareholders.
“This investment reflects our belief that Bitcoin, as the world’s most widely-adopted cryptocurrency, is a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash.”
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post MicroStrategy Continues Bitcoin Buying Spree, Gobbles Up Another $615,700,000 Worth of BTC appeared first on The Daily Hodl.
Go to Source
Author: Rhodilee Jean Dolor
