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- Microstrategy buys another 16,130 bitcoin in purchases made through November 2023
- The company’s current BTC shares are now worth over $6 billion at the current market price
Microstrategy, the American business intelligence company, continues to place big bets on Bitcoin (BTC), the largest cryptocurrency by market capitalization. According to its latest purchase streak, the company has purchased 16,130 Bitcoins SEC filing.
Additionally, the purchase took place between November 1 and November 29 at an average price of $36,785 per BTC, including fees. Notably, these bitcoins cost the company $593.3 million in cash.
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With the addition of the new BTCs, the company’s total Bitcoin holdings now stand at 174,530 BTCs. These coins were also purchased for a total price of $5.28 billion, with each coin averaging almost $30,252, including all expenses.
Big bets on Bitcoin
Interestingly, the value of all Bitcoins held by Microstrategy is over $6 billion, or exactly 6,561,315,726.00 at the current market price. According to CoinMarketCap, Bitcoin was trading at $37,662.32 with a market cap of over $736 billion. The coin has not registered any major price movements in the last day or in the last seven days.
Although the price of BTC has not made a drastic move in recent days, the coin has shown significant growth in November 2023. According to CMC, the coin reached a high of $38,415 this month, the highest level recorded for the year 2023. .
According to market analysts, the growth is mainly fueled by expectations of an approved Bitcoin spot ETF, which many speculate could become a reality. The turning point in the market was the filing for a spot BTC ETF by investment management giant Blackrock. The filing led to several other companies following suit. Furthermore, the investment giant has doubled down on its interest in the crypto market with an Ethereum spot ETF, adding to market optimism.
The prospect of an approved Bitcoin ETF even led MicroStrategy founder – Michael Saylor – to predict a bullish market for the coin’s future. Earlier this year, Saylor had stated that the spot ETF would be “really beneficial to the entire ecosystem.” He also noted: “We are that sports car. The spot ETF will be that supertanker”