Christmas With Bitcoin: MicroStrategy Purchases an Additional $600M

As of Nov. 29, the company claimed to have 174,530 Bitcoin, which, at $37,726 per, was valued at around $6.6 billion.

Source: en.bitcoinsistemi.com

In November, the business analytics company MicroStrategy added 16,130 Bitcoin to its portfolio, increasing its value to almost $6 billion. Co-founder and CEO of MicroStrategy Michael Saylor claimed on November 30 that the business has purchased the Bitcoin for about $593.3 million, or $36,785 per unit. At an average cost of $37,726 as of Nov. 29, MicroStrategy stated that it had 174,530 BTC, or approximately $6.6 billion at that point of publishing.

After declaring in August 2020 that it would accept Bitcoin as its financial backup asset, the business analytics organization has continuously bought significant amounts of the cryptocurrency. Saylor previously made a statement in September, stating that MicroStrategy had paid around $147 million for 5,445 BTC. MicroStrategy possessed 158,245 Bitcoin as of October 23, valued at $4.847 billion, an increase of around $132 million over the first investment. 

The median price of each coin was $29,870. Put otherwise, the company has gained a minimum of $130 for each coin. MicroStrategy began purchasing Bitcoin in 2020 and increased its holdings in 2023 as the value of the cryptocurrency rebounded from significant declines brought on by the US Federal Reserve's rate hiking strategy in addition to the well-known cryptocurrency bear market and implosions.

MicroStrategy raised the same sum of cash in September 2023 to purchase 5,444 BTC, following a similar plan that saw the company purchase about 12,333 BTC previously in the year. Data demonstrating Bitcoin's higher return over conventional assets since the business launched its cryptocurrency-buying plan in August 2020 was released by MicroStrategy president and co-founder Michael Saylor.

The possible legalization of Bitcoin exchange-traded funds (ETFs) in the United States presents a favorable environment from an economic standpoint, says CryptoQuant. It claims that the net value of the Bitcoin market would increase by $155 billion if a Bitcoin ETF is approved. If this occurs, the value of Bitcoin may rise to between $50,000 and $73,000 in 2024, which would be extremely beneficial for MicroStrategy. But regardless of whether a Bitcoin ETF is approved, the company maintains it would stick to the current BTC path.

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