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In summary
- MicroStrategy purchased 15,400 Bitcoin for $1.5 billion between November and December.
- The company now holds 402,100 Bitcoin, valued at $39 billion.
- MicroStrategy shares rose to $389, outperforming many S&P 500 companies.
Software company MicroStrategy today announced another massive Bitcoin purchase, its fourth acquisition in as many weeks.
The now-named “Bitcoin development company” reported Monday that it purchased approximately 15,400 Bitcoin for $1.5 billion between Nov. 25 and Dec. 1.
It acquired the BTC at an average price of approximately $95,976, according to the announcement.
MicroStrategy now owns 402,100 Bitcoin. At today’s price, that’s equivalent to about $39 billion worth of the leading Cryptocurrency. Bitcoin is currently trading at $97,000, according to CoinGecko.
The once quiet software company now holds Bitcoin by purchasing the asset and allows investors to buy its Nasdaq-listed shares to gain exposure to the cryptocurrency.
MicroStrategy co-founder and CEO Michael Saylor conceived the idea in 2020. In August of that year, the company spent $250 million on BTC.
Saylor claims to have found the ultimate way to store value: The tech entrepreneur argues that Bitcoin is the best bet if companies want to earn returns for their shareholders, as the digital currency is scarce and appreciates more than other investments each year.
“Whoever gets the most Bitcoin wins,” Saylor said in an interview in March.
And you may be right: MicroStrategy (NASDAQ: MSTR) stock was trading at less than $15 per share before the company started buying Bitcoin. Today, it trades at $389, and hit a new all-time high last month. The company has outperformed most other S&P 500 companies.
MicroStrategy has bought Bitcoin repeatedly since 2020, but this year it accelerated its purchases as the price of Bitcoin rises. In late October, the firm announced that it will raise $42 billion in additional financing to continue purchasing Bitcoin, as it has recently begun doing.
Edited by Andrew Hayward
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