30s Summary

Business intelligence firm MicroStrategy has increased its Bitcoin holding by 55,000, which it bought for $5.4 billion over six days. The company now owns approximately 387,000 Bitcoins, having spent a total of $21.9 billion at an average price of about $56,761 per Bitcoin. Despite Bitcoin trading near record highs, MicroStrategy’s continued purchasing suggests it anticipates further price rises, spurred by expected pro-crypto laws and increasing interest from institutional investors.

Full Article

MicroStrategy, a company that produces software and provides business intelligence services, has significantly increased its Bitcoin stash according to a statement made on November 25th. In just 6 days, from November 18 to 24, they bought around 55,000 Bitcoins for $5.4 billion.

They bought each Bitcoin at an average rate of around $97,862, using the money they accrued from recent share sales and borrowing. This fresh batch of Bitcoin has ballooned their total holdings. Now, MicroStrategy is sitting on almost 387,000 Bitcoins, bought for an overall $21.9 billion, or an average price of about $56,761 per Bitcoin.

Despite Bitcoin’s value nearing its highest ever ($100k), their continued buying suggests that they are expecting it to increase further. The anticipation of new pro-crypto laws under the new US president’s administration and increasing interest from institutional investors fuel this expectation.