MicroStrategy bought another $600 million worth of bitcoin

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MicroStrategy bought another $600 million worth of bitcoin

Business intelligence company MicroStrategy bought 16,130 Bitcoin (BTC) in November, bringing its total wealth to over $6 billion.

On November 30, Michael Saylor, co-founder of MicroStrategy, advertisements that the company acquired BTC for an estimated amount of USD 593.3 million, representing a price of USD 36,785 per Bitcoin. On November 29, MicroStrategy reported holding 174,530 BTC—worth approximately $6.6 billion at press time—at a price of $37,726.

MicroStrategy acquired an additional 16,130 BTC for USD 593.3 million at an average price of USD 36,785 per bitcoin. As of 11/29/23, @MicroStrategy now has 174,530 BTC bought for ~$5.28 billion at an average price of $30,252 per bitcoin.

The business intelligence firm has been steadily buying large volumes of Bitcoin since announcing it would adopt the cryptocurrency as a treasury reserve asset in August 2020. Saylor’s last announcement was in September, reporting that MicroStrategy bought 5,445 BTC for about $147 million.

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MicroStrategy’s bitcoin purchase announcement came as the price of the cryptocurrency rose by approximately 10% in November. The company reported a profit of $900 million on its Bitcoin holdings in the third quarter of 2023, and its CEO Phong Le announced at the time that the company would continue to make steady purchases.