MicroStrategy Spends Another $600M to Purchase Over 16,000 BTC

MicroStrategy Spends Another $600M to Purchase Over 16,000 BTC

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.

The post MicroStrategy Spends Another $600M to Purchase Over 16,000 BTC appeared first on CryptoPotato.

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