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$593 Million Bitcoin (BTC) Purchase Announced by MicroStrategy

Published 2023-11-30, 10:14 a/m
© Reuters.  $593 Million Bitcoin (BTC) Purchase Announced by MicroStrategy
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U.Today - MicroStrategy has the acquisition of an additional 16,130 Bitcoins, a transaction amounting to approximately $593.3 million.

This purchase, which was being carried out between Nov. 1 and Nov. 29, averaged at $36,785 per coin, according to the company's .

This recent transaction has significantly bolstered MicroStrategy's Bitcoin holdings to an impressive total of 174,530 coins that were acquired at an average price of $30,252 per Bitcoin, including fees and expenses. The total investment by the company into Bitcoin now stands at a stunning $5.28 billion.

This strategic move follows MicroStrategy's previous purchase in October. Back then, the company acquired an additional 155 Bitcoins for a modest $5.3 million.

Michael Saylor, cofounder of MicroStrategy, recently predicted a significant price surge for Bitcoin in an with CNBC.

His bullish prediction is based on the upcoming "halving" event and potential approval of the first spot Bitcoin ETF (TSX:EBIT), which he believes will increase demand and decrease supply.

This article was originally published on U.Today

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