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MicroStrategy Boosts Bitcoin Portfolio with Additional Purchase

MicroStrategy Acquires More Bitcoin, Total Holdings Surpass $5 Billion

Dec 01, 2023
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Subtitle: Business intelligence firm’s Bitcoin treasury now represents over 70% of its market valuation.

Business intelligence company MicroStrategy has announced the acquisition of an additional 16,130 Bitcoins, costing approximately $593.3 million. This latest purchase brings MicroStrategy’s total Bitcoin holdings to 174,530, acquired at an aggregate cost of $5.28 billion, with an average price of just over $30,000 per Bitcoin.

The news was shared by MicroStrategy founder and Executive Chairman Michael Saylor on Twitter, revealing that the company paid an average price of $36,785 per Bitcoin in this latest acquisition. Saylor has previously stated that Bitcoin serves as a reserve asset for the enterprise software company, providing a hedge against inflationary pressures.

Following this purchase, the value of MicroStrategy’s Bitcoin holdings now represents over 70% of the company’s total stock market valuation of $7.3 billion.

In comparison to its institutional peers, MicroStrategy’s Bitcoin treasury is more than 12 times larger than that of Bitcoin miner Marathon Digital, which holds 13,726 Bitcoins worth $517 million at current prices, according to Bitcoin Treasuries.

MicroStrategy made its first significant Bitcoin purchase in August 2020 and has consistently added to its holdings since then, despite the volatile price fluctuations of the digital asset.

As of now, Bitcoin (BTC) is trading at $37,740, down by -1.3% over the past 24 hours, according to Coingecko.

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