Microstrategy Buys 16,130 Bitcoin In November Bringing Total To 174,530 Worth $6.6BN
MicroStrategy, a company that normally does business intelligence and software but in recent years has become a bitcoin repository and ETF proxy, continued its relentless commitment to Bitcoin by purchasing an additional 16,130 BTC at a total cost of $593.3 million, the company's founder Michael Saylor announced today. The purchase came as Bitcoin's price has been experiencing upward momentum, reaching a recent yearly high of over $38,300.
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
The company started accumulating Bitcoin in August 2020, making an initial investment of $250 million into BTC during the depths of the covid crisis. Since then, it has consistently added to its Bitcoin holdings, creating a treasury reserve strategy that has accumulated over 174,530 bitcoin worth more than $6.59 billion as of Nov 29.
“On November 30, 2023, MicroStrategy announced that, during the period between November 1, 2023 and November 29, 2023, MicroStrategy, together with its subsidiaries, acquired approximately 16,130 bitcoins for approximately $593.3 million in cash, at an average price of approximately $36,785 per bitcoin, inclusive of fees and expenses,” MicroStrategy stated.
“As of November 29, 2023, MicroStrategy, together with its subsidiaries, held an aggregate of approximately 174,530 bitcoins, 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.”
Separately, MicroStrategy filed for a $750 million At-the-market (ATM) offering of stock, the proceeds of which it will surely use to purchase even more bitcoin. MSTR registered class A shares for potential sale at $505.87 per share via Jefferies, Cowen, Canaccord Genuity, BTIG. MicroStrategy said that the proceeds of up to $750 million will be used for general corporate purposes, including the acquisition of bitcoin and working capital, and, subject to market conditions, for the repurchase or repayment of our indebtedness.