MicroStrategy Bitcoin Shopping Spree Continues With Purchase of 16,130 Bitcoins

Watch Icon
BeInCrypto

Michael Saylor’s MicroStrategy and its subsidiaries have purchased an additional 16,130 Bitcoin for approximately $593.3 million.

While Bitcoin bull Saylor continued holding on to his Bitcoin portfolio throughout the bear market, he has turned into a more aggressive investor as the crypto winter seemingly comes to an end.

MicroStrategy Makes Largest Bitcoin Investment Since 2021

Saylor, the founder of MicroStrategy, announced that the firm had acquired 16,130 BTC at an average cost of $36,785 per Bitcoin. In total, the firm invested approximately $593.3 million in the Bitcoin purchase during November 2023.

The form 8-K filed with the US Securities and Exchange Commission reads:

“As of November 29, 2023, MicroStrategy, together with its subsidiaries, held an aggregate of approximately 174,530 Bitcoin, which were acquired at an aggregate purchase price of approximately $5.280 billion and an average purchase price of approximately $30,252 per Bitcoin, inclusive of fees and expenses.”

As Bitcoin crossed $31,000 during October end, Saylor finally became profitable after holding the assets throughout the bear market. Excluding November’s Bitcoin purchase, Saylor Tracker, a website that tracks the Bitcoin portfolio of MicroStrategy, shows that the firm has an approximate unrealized profit of $1.2 billion.

MicroStrategy Bitcoin Portfolio. Source: Saylor Tracker

Moreover, according to data from Saylor Tracker, today’s announcement is the largest Bitcoin purchase since February 2021. On Feb. 24, 2021, Michael Saylor announced the purchase of $19,452 Bitcoin worth $1.026 billion. 

The community is particularly impressed with Saylor’s strong conviction on Bitcoin as he kept on dollar cost averaging throughout the crypto winter. During the lows of November 2022, MicroStrategy was at an unrealized loss of around $1.8 billion. Yet Saylor was adamant that the firm wouldn’t be selling. In fact, it continued buying more Bitcoin in December 2022.

Read more: What Is Dollar-Cost Averaging (DCA)?

Do you have anything to say about MicroStrategy’s Bitcoin purchase or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

Top crypto platforms in the US | November 2023

Paybis No fees for 1st swap → MoonPay 0% fee on 1st trade Coinbase $200 for sign up → iTrustCapital Crypto IRA → Uphold No withdrawal fee → eToro $10 for first deposit → BYDFi No KYC trading →

The post MicroStrategy Bitcoin Shopping Spree Continues With Purchase of 16,130 Bitcoins appeared first on BeInCrypto.

 
More News

Argentina Presidential Candidate Proposes ...

Watch Icon
Last updated

Argentina’s presidential hopeful Sergio Massa unveiled plans to utilize excess natural gas from the Vaca Muerta oil fields to mine Bitcoin. However, following his proposal, the local crypto community opposed the government’s direct involvement in Bitcoin (BTC) mining. In late October, Massa proposed plans to use surplus gas from Vaca Muerta Formation commonly known as The post Argentina Presidential Candidate Proposes Mining Bitcoin With Residual Natural Gas, Faces Skepticism appeared first on Cryptonews.

Bitcoin Price Prediction as Market Cap Sur...

Watch Icon
Last updated

As Bitcoin market capitalization reaches an impressive $730 billion, the cryptocurrency world turns its gaze towards the future, speculating whether BTC can sustain its current upward trajectory. The current live price of Bitcoin is $36,579, marking a 1.50% decline over the last 24 hours. Despite this slight dip, Bitcoin maintains its dominance in the crypto The post Bitcoin Price Prediction as Market Cap Surges to $730 Billion – Can BTC Maintain Its Upward Trajectory? appeared first on Cryptonews.

Back to Top