Software company MicroStrategy today announced another massive Bitcoin buy—the fourth such purchase in as many weeks.
The newly dubbed “Bitcoin development company” said Monday that it bought approximately 15,400 Bitcoin for $1.5 billion between November 25 and December 1.
It snapped up the orange coins at an average price of approximately $95,976, the announcement added.
MicroStrategy now holds 402,100 Bitcoin. At today’s price, that’s about $39 billion in the leading cryptocurrency. Bitcoin is now trading for $97,000, according to CoinGecko.
The formerly sleepy software company now securitizes Bitcoin by buying the asset and allowing investors to buy its Nasdaq-listed shares to get exposure to the cryptocurrency.
MicroStrategy co-founder and Executive Chairman Michael Saylor came up with the idea back in 2020. The company in August of that year spent $250 million on the asset.
Saylor claims to have found the ultimate way to store value: The tech entrepreneur argues that Bitcoin is the best bet if companies want to get returns for their shareholders, as the digital coin is scarce and appreciates more than other investments each year.
“Whoever gets the most Bitcoin wins,” Saylor said in a March interview.
And he may have a point: MicroStrategy stock (NASDAQ: MSTR) was trading for less than $15 a share before the company started buying Bitcoin. Today, it’s trading for $389, and surged to a new all-time high price last month. The company has beat most other firms on the S&P 500.
MicroStrategy has repeatedly bought Bitcoin since 2020, but this year accelerated its buys as the price of Bitcoin surges. The firm recently said that it will raise $42 billion in additional funding to continue buying Bitcoin, as it has started to do recently.
Edited by Andrew Hayward
