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MicroStrategy Bought $600M of BTC in November, Increased Holdings by 10%
MicroStrategy is also looking to raise up to $750 million in a sale of class A common stock.
Microstrategy (MSTR), the largest corporate holder of bitcoin [BTC], boosted its holdings in November, buying some 16,130 BTC, worth around $608 million at current prices.
The Michael Saylor-founded software developer bought the bitcoin for around $593.3 million in cash at an average price of about $36,785 apiece, according to a regulatory filing on Thursday. It now holds 174,530 BTC bought at an average of about $30,252 per coin.
STORY CONTINUES BELOW
The November purchase marks an acceleration in the firm's bitcoin buying activities. As of end-October MicroStrategy held 158,400 BTC, having acquired 6,607 BTC since the beginning of the third quarter. It's now increased its holdings by over 10% in a month.
MicroStrategy also entered into an agreement with Cowen and Company, Canaccord Genuity and BTIG to offer up to $750 million worth of class A common stock.
MSTR shares fell 0.82% to $502.96 in early trading on Nasdaq.
Read More: Here's Why Bitcoin Will 10X From Here: Michael Saylor
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
