Principle of the facts:
- MicroStrategy made additional purchases of 51,780 BTC amounting to $4.6B
- It now holds 331,2 BTC, amounting to $16.5B in value
- The price average stands at $49,874, bringing about quarterly and annual returns of 20.4% and 41.8%, respectively
Almost serendipitously reprising its commitment to Bitcoin, the business intelligence company MicroStrategy has just confirmed the multi-billion dollar acquisition of about 51,780 BTC for $4.6 billion. As Nov. 17, 2024, its Bitcoin holdings have swelled to a whopping 331,200 BTC and valued at around $16.5 billion.
According to Michael Saylor, president and CEO, the average purchase cost for the company’s total BTC holdings now is $49,874 a coin. The strategic allocation has given rise to quarterly and yearly returns of 20.4% and 41.8%, respectively.
The latest buying spree, conducted from November 11 to 17, manifests MicroStrategy’s keen faith in Bitcoin’s long-term prospects. This investment cements the company’s status as one of the largest institutional investors within the digital asset sphere.
With the cryptocurrency space being rife with volatility, this puts MicroStrategy in an enormous amount of risk. However, the firm firmly clings to its Bitcoin strategy, continuing to drive the use of the asset for hedging against inflation and as a long-term store of value.
The news on MicroStrategy’s latest Bitcoin acquisition is expected to be closely followed within the wider cryptocurrency community, since this marks its increase in institutional adoption and embraces by institutions for digital assets.
