MicroStrategy, the Virginia-based business intelligence firm run by Michael Saylor, just made headlines with a huge Bitcoin purchase.
In a press release shared today, the company announced that it had bought 27,200 Bitcoin for around $2.03 billion, paying an average of $74,463 per coin. This is the company’s largest purchase so far since 2020 when it started investing in cryptocurrency.
According to the announcement, the purchase took place between October 31 and November 10, making MicroStrategy’s total Bitcoin holdings have grown to 279,420 BTC, now worth nearly $23 billion.
This investment was funded by selling company shares; since August, MicroStrategy raised around $2 billion by issuing 7.8 million new shares, specifically to increase its Bitcoin holdings.
According to Michael Saylor, MicroStrategy’s chairman, the company’s goal is clear: keep investing in Bitcoin to protect against inflation and build long-term wealth. This strategy has been to buy Bitcoin at regular intervals, with its current average cost per coin around $42,692. This latest purchase has already paid off, with Bitcoin prices now over $82,000.
In fact, the firm’s total Bitcoin stash, bought for $11.9 billion, is now worth around $23 billion today, bringing an unrealized profit of over $11 billion. Recent data from Saylor Tracker shows the company’s overall return on Bitcoin just topped 100% on November 10.
Moreover, shortly after the confirmation of Donald Trump’s recent election win, the company’s stock jumped 19.9% on November 8, adding momentum to this latest Bitcoin investment. According to Yahoo, its stock has gone up more than 1900% ever since the company made Bitcoin a part of its main growth strategy.
Also Read: Michael Saylor Mocks WSJ Following Bitcoin’s Record High
