MicroStrategy Snapped Up $593 Million Worth Of Bitcoin In November, Treasury Tops $6.6 Billion ⋆ ZyCrypto

Michael Saylor-founded software intelligence company has continued its Bitcoin-buying spree and now holds a total of 174,530 BTC — today worth $6.6 billion.

More Bitcoins Into The Purse

A Wednesday filing with the U.S. Securities and Exchange Commission (SEC) shows that MicroStrategy had acquired an additional 16,130 Bitcoins for approximately $593.3 million in November.

The Virginia-based firm has now spent a total of $5.28 billion on its 174,530 BTC haul, according to an announcement by Michael Saylor. The average purchase price of all the Bitcoin MicroStrategy holds stands at approximately $30,252 per coin, he notes. 

MicroStrategy, which offers business intelligence, mobile software, and cloud-based services, has the largest stash of Satoshis than any other publicly traded firm.

MicroStrategy made its first BTC purchase in August 2020; co-founder Michael Saylor noted at the time that the company would adopt the world’s largest digital asset by market cap as its treasury reserve asset to hedge against inflation.

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Bitcoin is up significantly from its price back then of sub-$12,000 — up over 100% since the start of 2023. BTC is currently trading for $38,289.60 per coin, CoinGecko data shows. This means MicroStrategy’s long-term bet on the premier cryptocurrency is worth roughly $6.6 billion.

More Mainstream Acceptance

MicroStrategy isn’t the only Wall Street company dabbling in Bitcoin, as companies like Elon Musk’s Tesla and Jack Dorsey’s Block have also allocated portions of their portfolios to BTC over the years.

Bitcoin had a terrific year on industry-wide optimism of a spot exchange-traded fund (ETF) getting approval in the United States. The crypto community sees that moment as a milestone that could simplify everyday investors’ path into crypto assets.

Some industry experts actually believe Binance CEO Changpeng “CZ” Zhao’s guilty plea and the exchange’s $4.3B criminal settlement boost the odds of an SEC greenlight soon. They suggest that the neutering of the global exchange and the resignation of CZ could have eased the regulator’s concerns about overseas manipulation of Bitcoin prices.