CryptoBitcoinMicroStrategy Expands Bitcoin Holdings with $593 Million Purchase

MicroStrategy Expands Bitcoin Holdings with $593 Million Purchase

The software analytics company announced on Thursday that it has purchased an additional 16,130 bitcoins for approximately $593.3 million, at an average price of $36,785 per coin, to increase its bitcoin investments. The strategic move announced today brings the company’s total bitcoin holdings to 174,530 BTC, representing a significant portfolio expansion of over 10%.

The firm, led by CEO Michael Saylor, has been acquiring Bitcoin since August 2020, when it first adopted the cryptocurrency as its primary reserve asset. As of November 29, MicroStrategy’s total valuation of bitcoin assets reached approximately $6.6 billion. The latest acquisition brings the average purchase price of its entire bitcoin portfolio to $30,252.

In addition to the bitcoin purchase, MicroStrategy has also launched a $750 million offering of Class A common stock. The offering is being conducted in partnership with financial services firm Cowen and Company. CEO Phong Le said the move is part of the company’s broader strategy to continue investing in bitcoin, and he has previously noted that the company intends to continue acquiring bitcoin on a regular basis.

MicroStrategy (NASDAQ: MSTR ) was down slightly in early trading, down 0.82%, amid the announcement of the stock offering and bitcoin purchase. Still, the company has previously reaped a healthy $900 million in profits from its bitcoin holdings as the cryptocurrency’s price rose above the critical $30,000 threshold.

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Andrew
Andrew
Self-taught investor with over 5 years of financial trading experience Author of numerous articles for hedge funds with over $5 billion in cumulative AUM and Worked with several global financial institutions. After finding success using his financial acumen to build an investment portfolio, Andrew began writing and editing articles about the cryptocurrency space for sites such as chaincryptocoins.com, ensuring readers were kept up to date on hot topics such as Bitcoin and The latest news on digital currencies and Ethereum.

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