MicroStrategy Goes Aggressive With Bitcoin Purchases

MicroStrategy Bitcoin Shopping Spree Continues With Purchase of 16,130 Bitcoins

Michael Saylor’s MicroStrategy and its subsidiaries have purchased an additional 16,130 Bitcoin for approximately $593.3 million.

While Bitcoin bull Saylor continued holding on to his Bitcoin portfolio throughout the bear market, he has turned into a more aggressive investor as the crypto winter seemingly comes to an end.

MicroStrategy Makes Largest Bitcoin Investment Since 2021

Saylor, the founder of MicroStrategy, announced that the firm had acquired 16,130 BTC at an average cost of $36,785 per Bitcoin. In total, the firm invested approximately $593.3 million in the Bitcoin purchase during November 2023.

The form 8-K filed with the US Securities and Exchange Commission reads:

“As of November 29, 2023, MicroStrategy, together with its subsidiaries, held an aggregate of approximately 174,530 Bitcoin, which were acquired at an aggregate purchase price of approximately $5.280 billion and an average purchase price of approximately $30,252 per Bitcoin, inclusive of fees and expenses.”

As Bitcoin crossed $31,000 during October end, Saylor finally became profitable after holding the assets throughout the bear market. Excluding November’s Bitcoin purchase, Saylor Tracker, a website that tracks the Bitcoin portfolio of MicroStrategy, shows that the firm has an approximate unrealized profit of $1.2 billion.

MicroStrategy Bitcoin Portfolio. Source: Saylor Tracker

Moreover, according to data from Saylor Tracker, today’s announcement is the largest Bitcoin purchase since February 2021. On Feb. 24, 2021, Michael Saylor announced the purchase of $19,452 Bitcoin worth $1.026 billion. 

The community is particularly impressed with Saylor’s strong conviction on Bitcoin as he kept on dollar cost averaging throughout the crypto winter. During the lows of November 2022, MicroStrategy was at an unrealized loss of around $1.8 billion. Yet Saylor was adamant that the firm wouldn’t be selling. In fact, it continued buying more Bitcoin in December 2022.

Read more: What Is Dollar-Cost Averaging (DCA)?

Do you have anything to say about MicroStrategy’s Bitcoin purchase or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.



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