MicroStrategy buys 55,000 Bitcoin for $5.4 billion, raising its holdings to 386,700 BTC as institutional sentiment remains bullish.
In a filing on Nov. 25, publicly traded business intelligence and software company MicroStrategy revealed a significant increase in its Bitcoin holdings.
Between November 18 and 24, the corporation paid $5.4 billion for about 55,000 Bitcoin (BTC) at an average price of $97,862 per coin.
According to the document, the transaction was financed by the money raised from recent debt and equity issues.
The purchase of this most recent Bitcoin investment has increased MicroStrategy’s overall Bitcoin holdings to an astounding 386,700 BTC.
The buy was made at a total cost of $21.9 billion, or $56,761 per token on average.
The company’s ongoing buying frenzy near Bitcoin’s recent high of $100,000 indicates that it anticipates the cryptocurrency’s value will continue to rise due to growing institutional usage and hope for pro-crypto legislation under the incoming US presidential administration.
