Michael Saylor’s MicroStrategy Bough $608 Million Worth of Bitcoin in November
In recent developments, MicroStrategy (MSTR), a key player in the corporate sphere, made significant strides in bolstering its cryptocurrency portfolio during November.
The company, renowned for its sizable holdings in Bitcoin (BTC), notably acquired approximately 16,130 BTC, amounting to an estimated value of $608 million at prevailing market rates.
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/3XHhpIvsuA
— Michael Saylor⚡️ (@saylor) November 30, 2023
This acquisition marks a noteworthy expansion to their existing stash of bitcoins, which now stands at an impressive 174,530 BTC.
Notably, the company had previously acquired these holdings at an average price of approximately $30,252 per BTC, as indicated in a recent regulatory filing.
This substantial procurement of bitcoins in November represents a substantial surge in MicroStrategy’s ongoing efforts to bolster its digital asset reserves.
Specifically, the company had reported possessing 158,400 BTC as of the end of October, signifying a notable addition of 6,607 BTC since the onset of the third quarter.
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This exponential growth highlights an increase in their holdings by over 10% within the span of a month.
Moreover, MicroStrategy unveiled a strategic agreement with Cowen and Company, Canaccord Genuity, and BTIG.
This agreement aims to facilitate the potential offering of up to $750 million worth of class A common stock, positioning the company for potential future financial endeavors.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
