MicroStrategy buys more Bitcoin for $593.3 million

MicroStrategy reported purchasing an additional 16,130 BTC for about $593.3 million.

MicroStrategy has acquired an additional 16,130 BTC for ~$593.3 million at an average price of $36,785 per #bitcoin. As of 11/29/23, @MicroStrategy now hodls 174,530 $BTC acquired for ~$5.28 billion at an average price of $30,252 per bitcoin. $MSTR https://t.co/hSEZyzGBsr

— Michael Saylor⚡️ (@saylor) November 30, 2023

The analytics software provider bought the cryptocurrency during the period from November 1 to 29 at an average price of $36,785.

As of the end of the month, reserves held by MicroStrategy and its subsidiaries totalled 174,530 BTC, having been spent about $5.28 billion.

According to BitcoinTreasuries, at the time of writing the firm’s potential profit in the cryptocurrency exceeds $1.3 billion. The MicroStrategy bitcoins account for 90% of its market capitalisation.

In October the company acquired only 155 BTC, but for the third quarter the aggregate figure reached 6,067 BTC. Chief Financial Officer Andrew Kang then confirmed that MicroStrategy would continue accumulating bitcoins for long-term holding.

Founder Michael Saylor, for his part, noted that since the decision adopted on August 10, 2020 to invest in the first cryptocurrency, MicroStrategy’s shares have risen by 242%. The price of digital gold over the same period has risen by 192%.

Earlier, Hal Press, founder of North Rock Digital, criticised the firm’s bitcoin-buying strategy. In his view, MicroStrategy will eventually have to sell “every coin.”

In July the company left the chief revenue officer Kevin Adkisson, after nearly seven years with the company.