MicroStrategy Doubles Down on Bitcoin, Acquires $593,300,000 Worth of BTC As Top Crypto Asset Trades Sideways
MicroStrategy is continuing to show its bullish stance on Bitcoin (BTC) by stacking up its holdings of the leading crypto asset by market cap.
In a post on the social media platform X, MicroStrategy co-founder and executive chairman Michael Saylor says the business intelligence firm bought an additional 16,130 BTC in November.
The company acquired the digital asset at an average price of $36,785 per Bitcoin for a total purchase price of around $593.3 million.
The recent acquisition brings the company’s total Bitcoin holdings to 174,530 BTC. Says Microstrategy In a new filing with the U.S. Securities and Exchange Commission,
“As of November 29, 2023, MicroStrategy, together with its subsidiaries, held an aggregate of approximately 174,530 bitcoins, which were acquired at an aggregate purchase price of approximately $5.280 billion and an average purchase price of approximately $30,252 per bitcoin, inclusive of fees and expenses.”
MicroStrategy bolsters its Bitcoin reserves as the flagship cryptocurrency trades sideways. The value of BTC increased from below $35,000 in early November to above $37,000 during the last week of the month, but the digital asset remains shy of breaching $40,000.
The top crypto asset by market cap is worth $37,670 at time of writing, up by 0.32% over the past 24 hours.
MicroStrategy has consistently invested in Bitcoin since it first purchased 21,454 BTC for an individual price of around $11,653 on August 11th, 2020. The company is now the largest institutional holder of the flagship cryptocurrency.
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The post MicroStrategy Doubles Down on Bitcoin, Acquires $593,300,000 Worth of BTC As Top Crypto Asset Trades Sideways appeared first on The Daily Hodl.
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Author: Rhodilee Jean Dolor
