The post MicroStrategy Bought $593 Million More Bitcoin in November appeared on BitcoinEthereumNews.com.

Tech company MicroStrategy has bought even more Bitcoin—bringing its holdings to 174,530 BTC. As of Thursday morning, its Bitcoin stash is worth approximately $6.6 billion. In a Thursday tweet, MicroStrategy founder and chairman Michael Saylor said that his firm, which provides software solutions for companies wanting to analyze their data, had this week bought an extra 16,130 BTC for a price of $593.3 million. The company, based in Tyson, Virginia, has now spent a total of $5.28 billion on the cryptocurrency, according to Saylor’s announcement. It is the largest corporate holder of the digital asset by far. MicroStrategy first bought Bitcoin back in August 2020 during the COVID-19 pandemic. A bull run followed soon after. Saylor—who was CEO of the company at the time—argued that the asset was a hedge against inflation and would be the best strategy for getting maximum returns for shareholders as the business was sitting on so much cash. And his plan appears to be working: MicroStrategy stock is up 238% since the company adopted its “Bitcoin standard.” Saylor has argued that buying shares in the company is a way investors can get exposure to cryptocurrency. MicroStrategy stock—MSTR on the Nasdaq—is currently priced at $493.15 a share. That’s a 17% gain in the past month, but shares are down 2% from yesterday’s close. Saylor has repeatedly spoken about how Bitcoin is a superior asset to real estate and gold and a “dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash.” Other companies have since followed suit—most notably electric car company, Tesla. The clean energy company headed up by the world’s richest man, Elon Musk, holds 9,720 BTC, or $366 million in digital coins. Edited by Stacy Elliott. Stay on top of crypto news, get daily updates in your…

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Filed under: News - @ December 1, 2023 3:16 pm