MicroStrategy, a publicly traded business intelligence and software firm, reported a substantial expansion of its Bitcoin holdings in a filing on Nov. 25.
The company acquired approximately 55,000 Bitcoin (BTC) for $5.4 billion between Nov. 18 and 24 at an average price of $97,862 per coin. The purchase was funded through proceeds from recent equity and debt offerings, the filing said.
The acquisition of this latest BTC investment has pumped MicroStrategy’s total BTC holdings to a massive 386,700 BTC, acquired at a cumulative cost of $21.9 billion — or an average price of $56,761 per token.
The firm’s continued buying spree close to BTC’s new high near $100,000 suggests it expects further growth in Bitcoin’s value, driven by rising institutional adoption and optimism over potential pro-crypto legislation under the new United States presidential administration.
Related: Allianz, Germany’s biggest insurer, buys 24% of MicroStrategy’s $2.6B notes
This is a developing story, and further information will be added as it becomes available.
- #Bitcoin
- #Blockchain
- #Business
- #Investments
- #Adoption
- #MicroStrategy
- #Michael Saylor
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