As you may know, MicroStrategy Inc., a Nasdaq-listed business intelligence company, has notably expanded its Bitcoin portfolio in November by acquiring an additional 16,130 Bitcoins. This recent purchase, as reported in the company’s November 30th Form 8-K filing, involved an investment of approximately $593.3 million in cash, averaging about $36,785 per Bitcoin.

The company’s total Bitcoin treasury now stands at 174,530 units, acquired at an average price of around $30,252 each. This move in November represents a significant increase in the company’s commitment to Bitcoin, marking its largest acquisition since February 2021, when it purchased 19,452 Bitcoin for just over $1 billion.

Also, in November, MicroStrategy strategically partnered with financial firms Cowen and Company, Canaccord Genuity, and BTIG. These partnerships are part of an agreement to offer up to $750 million in Class A common stock, showcasing the company’s proactive approach to financing its cryptocurrency ventures.

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Despite these bold moves in the cryptocurrency market, MicroStrategy’s stock closed at $498.30, witnessing a slight drop of $8.80 (1.74%) on the day. However, reflecting on the year-to-date performance, the company’s stock has seen an impressive surge of 243.61%, underscoring investor confidence in its Bitcoin-centric strategy.

Yesterday, Galaxy Digital CEO Mike Novogratz recently praised MicroStrategy co-founder Michael Saylor, calling him a “legend” in a post on social media platform X. In his post, Novogratz highlighted the remarkable performance of MicroStrategy’s stock (MSTR), which traded up against Bitcoin during a month when the company sold $600 million of stock.

@saylor is a legend!!! Think about this. MSTR traded up vs BTC during a month that they sold 600mm of stock and bought corn!! Tells me that there is a ton of pent up institutional demand for the ETF that’s coming…

— Mike Novogratz (@novogratz) November 30, 2023

Featured Image via Pixabay

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• Source: https://www.cryptoglobe.com/latest/2023/12/galaxy-digital-ceo-calls-michael-saylor-a-legend-after-microstrategy-reports-its-latest-btc-purchase/