MicroStrategy apes $593m into Bitcoin

Michael Saylor’s digital software giant bought 16,130 BTC, increasing the worth of the company’s total Bitcoin holdings to over $6 billion at current prices.

MicroStrategy, one of the largest corporate holders of Bitcoin (BTC), bought more of crypto’s leading token by market cap according to founder Michael Saylor and a Nov. 29 filing with the Securities and Exchange Commission (SEC).

Saylor’s firm purchased an additional 16,130 BTC at an average price of $36,785 per Bitcoin. This scoop raised MicroStrategy’s total Bitcoin portfolio to some 174,530 coins acquired for  $30,252 on average.

As crypto.news reported, MicroStrategy spent $5.3 million bolstering its BTC holdings following the close of Q2 2023.

With Bitcoin’s price trading above $37,600 at press time, per Coingecko, MicroStrategy’s BTC net worth sits around a staggering $6.5 billion. The company started buying Bitcoin in 2020 amid global economic uncertainty as a means of hedging its balance sheet against rising inflation. 

Since then Bitcoin has increased in value severalfold, peaking at $69,000 during the height of crypto’s bull run in 2021 and possibly making its way back to all-time highs on the back of spot Bitcoin ETF optimism.

BTC has recorded price rallies in recent months due to news and speculations surrounding Bitcoin ETF applications filed by Wall Street titans, such as BlackRock. Crypto-native entities like Grayscale and Hashdex have also submitted bids for the same product, which experts say would attract billions of dollars into crypto. 

BlackRock and other issuers have modified their respective filings in response to SEC feedback, a move that has likely increased anticipation that approvals could roll out sooner rather than expected.