Michael Saylor, the co-founder and executive chairman of MicroStrategy, has revealed that the business intelligence firm now holds a total of 174,350 Bitcoins. The development is as of November 29, 2023, with the total value coming to approximately $6.6 billion at the price of $37,726.
An increase in Bitcoin holdings by MicroStrategy came in after the firm purchased 16,130 tokens in November for ~$593.3 million. This brings the average price of a token to $36,785. The overall average of its holdings is $30,252.
Purchasing BTC is in line with the mission of making the dominant cryptocurrency its treasury reserve asset. The announcement was made in August 2020, and the firm has, since then, continuously acquired Bitcoin. The last announcement was in September of this year when Michael informed the community about buying 5,445 tokens for a total value of approximately $147 million.
Purchasing the cryptocurrency has worked well for MicroStrategy. The firm saw a gain of $900 million in the third quarter of 2023. That was the time when its Chief Executive Officer, Phong Le, hinted that the firm would buy more tokens in the future.
A buying spree could be because of speculation that the SEC will soon approve all Spot Bitcoin ETF applications. At the center of the stage is BlackRock, which has already revised its proposal and sent it to the Commission and Nasdaq for approval. That is said to be in line with complying with the SEC’s preferences and the norms it wants to set for customers.
BTC has gained less than ETH by 5%; however, it remains the top choice for many investors. Ether is gaining momentum, with hopes that it will continue its rising trajectory in December 2023. The current Bitcoin price is $38,228.26, reflecting a 0.93% increase in the last 24 hours. All eyes are on the crypto to surpass its ATH value of $65k, further setting the tone to reach the milestone of $100k by the end of 2024.
MicroStrategy shared an update on November 30, 2023, stating that the holdings represented across its subsidiaries and additions were between November 1, 2023, and November 29, 2023. The price of $593.3 million in cash is inclusive of all fees and charges.
Not just Spot Bitcoin ETF applications but BTC halving is also a factor that could have urged the business intelligence firm to increase its holdings. The fourth Bitcoin halving is scheduled to happen in the next year, with expectations that the price will then inch closer to its ATH value.
Until then, MicroStrategy has demonstrated its intentions of continuing to buy the token in the future despite the SEC’s aggressive stance. The next purchase could happen in December 2023 or early January 2024 before the Commission approves applications.