MicroStrategy, the NASDAQ-listed business intelligence software giant that made waves over three years ago with its pro-Bitcoin strategy, has gone on another buying spree.
The firm’s former CEO and founder – Michael Saylor – outlined the latest BTC purchase, which was worth nearly $600 million.
- Saylor asserted that the company he founded over three decades ago had spent $593.3 million to buy 16,130 BTC more for an average price of $36,785 per Bitcoin.
- This has become MicroStrategy’s second BTC purchase for November. As reported before, the firm bought 155 BTC for $5.3 million at the start of the month.
- The latest acquisition puts the company’s total stash at 174,530 BTC. It spent just under $5.3 billion to purchase the amount.
- This means that MicroStrategy sits on a massive unrealized profit of over $1.2 billion, given BTC’s current price of $37,750.
- CryptoPotato reported over the weekend the bullish developments with MicroStrategy’s stock price movements this year. Being so connected to BTC and given the cryptocurrency’s yearly surge, the company’s shares have been on a roll since January 1.
- MSTR reached a high not seen in over a year at above $520 after a 250% surge in 2023. Before the opening bells on Thursday, MSTR’s price had retraced slightly but still stands above $500.