February 24, 2024 6:36 am

Bitcoin for Christmas: MicroStrategy buys another $600M

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Business intelligence firm MicroStrategy purchased 16,130 Bitcoin (BTC) in November, bringing its total holdings to more than $6 billion.

In a Nov. 30 announcement, MicroStrategy co-founder Michael Saylor said the company acquired the BTC for roughly $593.3 million — a price of $36,785 per Bitcoin. As of Nov. 29, MicroStrategy reported it held 174,530 BTC — worth roughly $6.6 billion at the time of publication — at a price of $37,726.

The business intelligence firm has consistently purchased large volumes of Bitcoin since announcing it would adopt the cryptocurrency as its treasury reserve asset in August 2020. Saylor’s last announcement was in September, reporting MicroStrategy bought 5,445 BTC for roughly $147 million.

Related: MicroStrategy’s Bitcoin stash back in profit with BTC price above $30K

MicroStrategy’s Bitcoin purchase announcement followed as the cryptocurrency price rose roughly 10% in November. The firm reported a gain of $900 million for its Bitcoin holdings in the third quarter of 2023, with CEO Phong Le hinting at the time that the company would continue to make consistent purchases.

Magazine: How to protect your crypto in a volatile market: Bitcoin OGs and experts weigh in