MicroStrategy Acquires 16,000+ BTC Worth $600M In Latest Purchase

Main Pointers:

  • MicroStrategy’s latest Bitcoin acquisition, amassing over 16,000 BTC valued at nearly $600 million, underscores its unwavering commitment to bolstering its Bitcoin reserves.
  • With a total holding surpassing 174,000 BTC and an unrealized profit exceeding $1.2 billion, MicroStrategy continues to reap substantial gains from its Bitcoin investments, significantly influencing its stock performance.

MicroStrategy, the renowned business intelligence software giant, once again dominated headlines with its recent Bitcoin acquisition, purchasing approximately 16,130 BTC valued at nearly $600 million. This substantial purchase, announced by the company’s former CEO and founder, Michael Saylor, accentuates MicroStrategy’s persistent commitment to bolstering its Bitcoin holdings.

MicroStrategy’s Ongoing Bitcoin Buying Spree

Highlighting their continued faith in Bitcoin, Saylor emphasized that the company, which he founded more than three decades ago, expended $593.3 million to secure additional BTC at an average price of $36,785 per Bitcoin. This substantial investment marked the second BTC acquisition for MicroStrategy in November, following an initial purchase of 155 BTC for $5.3 million earlier in the month.

This recent move catapults MicroStrategy’s total Bitcoin holdings to an impressive 174,530 BTC, acquired at an aggregate cost of nearly $5.3 billion. With Bitcoin’s current price hovering around $37,750, the company now sits atop an unrealized profit of more than $1.2 billion, showcasing the exceptional financial advantage derived from the cryptocurrency’s surge.

Impact on MicroStrategy’s Stock Price

MicroStrategy’s close association with Bitcoin has significantly impacted its stock performance throughout 2023. The company’s shares, intimately tied to the cryptocurrency’s remarkable ascent, surged by an impressive 250% since the beginning of the year, reaching a year-high of over $520—a level unseen in over a year.

Despite a slight retracement before Thursday’s market opening, MicroStrategy’s stock price maintains its momentum, valiantly hovering above the $500 mark, a testament to the bullish trajectory aligned with its deep involvement in Bitcoin investments.

Also Read: Bitcoin (BTC) Sees 83.6% Profit, Highest Since November 2021

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