MicroStrategy Buys 16,000 BTC Worth $600 mn
MicroStrategy, a NASDAQ-listed business intelligence software company, has made a significant BTC purchase worth nearly $600 million. The company’s former CEO and founder, Michael Saylor, stated that the company had previously spent $593.3 million on 16,130 BTC more for an average price of $36,785 per Bitcoin.
This marks the company’s second BTC purchase for November, following a previous purchase of 155 BTC for $5.3 million. The total stash at MicroStrategy is now at 174,530 BTC, with a total purchase cost of just under $5.3 billion. This means that MicroStrategy has a massive unrealized profit of over $1.2 billion, given BTC’s current price of $37,750. The company’s stock price has been bullish since January 1, reaching a high not seen in over a year at above $520.
(With inputs from Shikha Singh)
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