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Home»TRADING NEWS»MicroStrategy attracts $593 million in Bitcoin
TRADING NEWS

MicroStrategy attracts $593 million in Bitcoin

By Crypto FlexsNovember 30, 20232 Mins Read
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MicroStrategy attracts 3 million in Bitcoin
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Michael Saylor’s digital software giant purchased 16,130 BTC, bringing the company’s total Bitcoin holdings to over $6 billion at current prices.

MicroStrategy, one of the largest corporate holders of Bitcoin (BTC), has purchased more of the cryptocurrency’s main token 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 brings MicroStrategy’s total Bitcoin portfolio to approximately 174,530 coins acquired at an average price of $30,252.

As crypto.news reported, MicroStrategy has spent $5.3 million to bolster its BTC holdings since the end of the second quarter of 2023.

With the price of Bitcoin trading above $37,600 at press time, MicroStrategy’s BTC net worth stands at around $6.5 billion, according to Coingecko. The company began purchasing Bitcoin in 2020 as a means of hedging its balance sheet against rising inflation amid global economic uncertainty.

Since then, Bitcoin has multiplied in value, peaking at $69,000 at the height of the cryptocurrency bull market in 2021, and is likely to return to all-time highs thanks to spot Bitcoin ETF optimism.

BTC has seen its price rise in recent months due to news and speculation surrounding Bitcoin ETF applications filed by Wall Street giants such as BlackRock. Cryptocurrency-related companies such as Grayscale and Hashdex have also submitted bids for the same product, which experts say could attract billions of dollars to the cryptocurrency market.

BlackRock and other issuers have revised their respective filings in response to SEC feedback, raising hopes that approval could come sooner than expected.

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