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MicroStrategy Bought $600M of BTC in November, Increased Holdings by 10%
MicroStrategy is also looking to raise up to $750 million in a sale of class A common stock.
Updated Mar 8, 2024, 5:51 p.m. Published Nov 30, 2023, 2:41 p.m.
Microstrategy (MSTR), the largest corporate holder of bitcoin [BTC], boosted its holdings in November, buying some 16,130 BTC, worth around $608 million at current prices.
The Michael Saylor-founded software developer bought the bitcoin for around $593.3 million in cash at an average price of about $36,785 apiece, according to a regulatory filing on Thursday. It now holds 174,530 BTC bought at an average of about $30,252 per coin.
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The November purchase marks an acceleration in the firm's bitcoin buying activities. As of end-October MicroStrategy held 158,400 BTC, having acquired 6,607 BTC since the beginning of the third quarter. It's now increased its holdings by over 10% in a month.
MicroStrategy also entered into an agreement with Cowen and Company, Canaccord Genuity and BTIG to offer up to $750 million worth of class A common stock.
MSTR shares fell 0.82% to $502.96 in early trading on Nasdaq.
Read More: Here's Why Bitcoin Will 10X From Here: Michael Saylor
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