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MicroStrategy Inc (NASDAQ: MSTR), a prominent business intelligence and software company, has made another substantial move in the crypto space, acquiring an additional 16,130 bitcoins for $593.3 million.
This latest purchase follows MicroStrategy’s consistent Bitcoin investment strategy, further solidifying its position as a major player in the cryptocurrency market.
MicroStrategy’s Bitcoin acquisition
In today’s purchase, MicroStrategy, led by Founder & Chairman Michael Saylor, acquired 16,130 Bitcoins at an average price of $36,785 per Bitcoin. This brings MicroStrategy’s total Bitcoin holdings to an impressive 174,530 Bitcoins, valued at over $5.28 billion.
MicroStrategy has acquired an additional 16,130 BTC for ~$593.3 million at an average price of $36,785 per #bitcoin. As of 11/29/23, @MicroStrategy now hodls 174,530 $BTC acquired for ~$5.28 billion at an average price of $30,252 per bitcoin. $MSTR https://t.co/hSEZyzGBsr
— Michael Saylor⚡️ (@saylor) November 30, 2023
MicroStrategy’s commitment to Bitcoin is underscored by the fact that the value of its Bitcoin holdings now represents over 70% of the company’s total stock market valuation, standing at $7.3 billion.
Comparatively, MicroStrategy’s Bitcoin treasury is more than 12 times larger than that of its closest institutional peer, Marathon Digital Holdings Inc (NASDAQ: MARA), which holds 13,726 Bitcoins worth $517 million at current prices.
Despite facing criticism for investing corporate funds in a volatile asset, MicroStrategy remains a steadfast proponent of Bitcoin’s long-term potential. Michael Saylor has consistently emphasized Bitcoin’s role as a reserve asset, providing a hedge against inflationary pressures for the enterprise software company.
MicroStrategy’s aggressive Bitcoin investment strategy remains unchanged despite the crypto regulatory challenges in the US and across the world. This reflects the company’s confidence in the digital asset’s enduring value.
The post MicroStrategy bolsters its Bitcoin holdings with additional BTC purchase appeared first on Invezz
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