MicroStrategy, a software firm, has purchased approximately $615.7 million worth of Bitcoin in cash.
The company, along with its subsidiaries, acquired around 14,620 bitcoins at an average cost of approximately $42,110 between November 30 and December 26, according to regulatory filings. MicroStrategy began its Bitcoin acquisitions in 2020 and now holds approximately 189,150 bitcoins, with a total cost of about $5.9 billion.
The company emphasizes a long-term investment strategy in Bitcoin and plans to continue accumulating the cryptocurrency.
This move has positively impacted MicroStrategy’s stock, witnessing an 8% surge, reflecting a stock value surge of over 350% this year.
The company’s strategic Bitcoin investments align with the anticipation surrounding potential SEC approval for a spot Bitcoin ETF, with thirteen companies awaiting a decision on January 10, 2024. A spot cryptocurrency ETF would provide investors exposure to Bitcoin without directly acquiring the currency.
In its latest quarterly report, MicroStrategy emphasized the potential for Bitcoin to appreciate due to its limited supply and its role as a hedge against inflation in the long term.
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