Michael Saylor’s digital software giant purchased 16,130 BTC, increasing the value of the company’s total Bitcoin holdings to more than $6 billion at current prices.
MicroStrategy, one of the largest corporate holders of Bitcoin (BTC), bought the most leading cryptocurrency tokens by market capitalization, according to founder Michael Saylor and a Nov. 29 filing with the Securities and Exchange Commission (SEC).
Saylor’s company purchased an additional 16,130 BTC at an average price of $36,785 per Bitcoin. This scoop brought MicroStrategy’s total Bitcoin portfolio to around 174,530 coins purchased for $30,252 on average.
As reported by crypto.news, MicroStrategy spent $5.3 million to bolster its BTC holdings following the close of Q2 2023.
With the price of Bitcoin trading above $37,600 at the time of this publication, according to Coingecko, MicroStrategy’s BTC net worth is around a staggering $6.5 billion. The company began purchasing Bitcoin in 2020 amid global economic uncertainty as a way to protect its balance sheet against rising inflation.
Since then, Bitcoin has increased in value several times, reaching a high of $69,000 during the height of the cryptocurrency bull run in 2021 and possibly returning to all-time highs thanks to the spot optimism of Bitcoin ETFs.
BTC has seen price rallies in recent months due to news and speculation regarding Bitcoin ETF filings filed by Wall Street titans such as BlackRock. Crypto-native entities such as Grayscale and Hashdex have also submitted bids for the same product, which experts say would attract billions of dollars into cryptocurrencies.
BlackRock and other issuers have amended their respective filings in response to the SEC’s comments, a move that has likely increased anticipation that the approvals could be implemented sooner than expected.
