Key instructions:
- MicroStrategy’s recent Bitcoin acquisition, which secured over 16,000 BTC worth nearly $600 million, highlights its firm commitment to strengthening its Bitcoin reserves.
- With total holdings exceeding 174,000 BTC and unrealized profits exceeding $1.2 billion, MicroStrategy continues to see significant gains through its Bitcoin investments, which have a significant impact on the stock’s performance.
MicroStrategyThe renowned business intelligence software giant once again made headlines with its recent Bitcoin acquisition, purchasing approximately 16,130 BTC worth approximately $600 million. This large purchase, announced by the company’s former CEO and founder Michael Saylor, highlights MicroStrategy’s ongoing efforts to strengthen its Bitcoin holdings.
MicroStrategy’s ongoing Bitcoin buying spree
Saylor emphasized his continued belief in Bitcoin, highlighting that the company he founded over 30 years ago has spent $593.3 million to secure additional BTC at an average price of $36,785 per Bitcoin. This significant investment marks MicroStrategy’s second BTC acquisition in November, following its first purchase of 155 BTC for $5.3 million earlier this month.
MicroStrategy acquired an additional 16,130 BTC for ~$593.3 million, at an average price of $36,785. #Bitcoin. As of November 29, 23, @MicroStrategy Currently has 174,530 people $BTC It was acquired for approximately $5.28 billion, at an average price of $30,252 per Bitcoin. $MSTR https://t.co/hSEZyzGBsr
— Michael Saylor⚡️ (@saylor) November 30, 2023
This latest move brings MicroStrategy’s total Bitcoin holdings to an impressive 174,530 BTC, acquired for a total cost of nearly $5.3 billion. With Bitcoin’s current price hovering around $37,750, the company currently has over $1.2 billion in unrealized profits, demonstrating the extraordinary financial benefits of the cryptocurrency’s surge.
Impact on MicroStrategy’s stock price
MicroStrategy’s close relationship with Bitcoin has had a significant impact on the stock’s performance throughout 2023. Closely tied to the meteoric rise of cryptocurrencies, the company’s stock price has soared a whopping 250% since the beginning of the year, hitting a yearly high above $520. Not seen for over a year.
Despite a slight retracement before the market opens on Thursday, MicroStrategy’s stock is maintaining momentum and bravely hovering around the $500 level. This is evidence of a bullish trajectory consistent with deep participation in Bitcoin investments.