The post MicroStrategy Buys 16,130 Bitcoin As Holdings Surpass $1B Gains appeared first on Coinpedia Fintech News
MicroStrategy continues to load up on Bitcoin, announcing the acquisition of 16,130 more Bitcoin worth nearly $593.3 million. The move extends CEO Michael Saylor’s controversial crypto accumulation strategy, which now sits on unrealized profits exceeding $1 billion.
MicroStrategy has acquired an additional 16,130 BTC for ~$593.3 million at an average price of $36,785 per #bitcoin. As of 11/29/23, @MicroStrategy now hodls 174,530 $BTC acquired for ~$5.28 billion at an average price of $30,252 per bitcoin. $MSTR https://t.co/3XHhpIvsuA
— Michael Saylor (@saylor) November 30, 2023
MicroStrategy has purchased 174,500 BTC for $3.85 billion since 2020. That enormous position equates to $6 billion at press time valuations.
Saylor has essentially transformed MicroStrategy into a leveraged Bitcoin exchange-traded fund through persistent debt offerings, converting cash flows i
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