World-renowned Bitcoin bull MicroStrategy has made another significant acquisition of BTC, deploying billions of dollars into the crypto market for the fourth consecutive week.
The company’s chairman, Michael Saylor, revealed the news in a post on X today. He disclosed that the firm had acquired an additional 15,400 BTC for approximately $1.5 billion at an average price of $95,976 per BTC.
Insane: MicroStrategy Buys 15,400 BTC for $1.5 billion at $95,976 per bitcoin.https://t.co/HnxdfgwFqo
— TheCryptoBasic (@thecryptobasic) December 2, 2024
With this latest purchase, MicroStrategy now holds a total of 402,100 BTC. The company built this portfolio over the past four years with a cumulative investment of $23.4 billion. This brings the average cost of each token to $58,263. Accordingly, the company now sits on an unrealized profit of $15.1 billion from its Bitcoin holdings.
Saylor proudly shared that the Bitcoin portfolio has yielded a 38.7% return on a quarter-to-date basis and an impressive 63.3% return year-to-date.
Fourth Straight Weekly Bitcoin Purchase
This latest acquisition comes just a week after MicroStrategy made its largest Bitcoin purchase to date. Specifically, it deployed $5.4 billion to acquire 55,500 BTC at an average price of $97,862 per coin on November 25.
Just seven days earlier, on November 18, the company purchased 51,780 BTC for $4.6 billion at an average price of $88,600 per coin. Meanwhile, on November 11, MicroStrategy bought 27,200 BTC with $2.03 billion.
Cumulatively, MicroStrategy acquired 134,480 BTC in November alone, and this aggressive acquisition strategy has spilled into December, as MicroStrategy maintains its streak of weekly purchases.
The November Bitcoin Surge
MicroStrategy’s intensified Bitcoin purchases in November coincided with the outcome of the U.S. election, where pro-Bitcoin candidate Donald Trump was elected president. Trump has promised to support the creation of a Bitcoin reserve for the U.S. and to hold the country’s Bitcoin without selling it.
This pro-Bitcoin stance has led to speculation that other countries might follow suit, which would further cement Bitcoin’s role as digital gold and a store of value. As more countries and institutions embrace Bitcoin reserves, the supply of available BTC could shrink, potentially contributing to an increase in value.
With a total holding of 402,100 BTC, MicroStrategy now commands 2.03% of the total Bitcoin supply of 19.7 million tokens.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
