Continuing the strategy that has done the company so well, Michael Saylor’s MicroStrategy has purchased another $1.5 billion worth of Bitcoin. Indeed, the company’s CEO took to X (formerly Twitter) to share the news on the latest purchase of 15,400 BTC for the company.
The move comes as the leading cryptocurrency experienced unprecedented success in November. Moreover, the software intelligence firm has reaped the rewards of unwavering faith in the cryptocurrency’s potential. As it looks to reach six figures for the very first time in the coming year, it could be set to continue benefiting from the ongoing accumulation strategy.
Also Read: MicroStrategy (MSTR) Stock Surges 10% as Bitcoin Climbs
MicroStrategy Buys More Bitcoin as Holdings Surpass 402,000 BTC
2024 has proven to be the year of Bitcoin. The asset has been a focal point of the finance sector and has had the best year of its existence. Its success went into overdrive in November, when the 2024 presidential election win for Donald Trump had the market surging to new heights.
Just a few weeks ago, the leading cryptocurrency reached a $99,000 all-time high. With more records in its future, some of its most ardent defenders have enjoyed the fruits of their faith. Yet, that hasn’t stopped many from continuing to double down. Chief among them is Michael Saylor’s MicroStrategy, which has announced another $1.5 billion purchase of Bitcoin.
Also Read: MicroStrategy a New Wall Street Favorite as it Outperforms Bitcoin
The firm paid $95,976 per BTC in its most recent acquisition, which netted them another 15,400 Bitcoin to its growing stash. The latest move has brought its total holdings to a worth of $23.4 billion. Perhaps the most impressive is that the firm acquired the cryptocurrencies at an average price of $58,263.
The movement has been a benefit to MicroStrategy’s stock. Bitcoin’s success has fueled its 513% surge year to date. After the 2024 election results, the stock had shortly increased by as much as 700%. The interesting part is that the company is actually outperforming Bitcoin’s 117% surge this year. Additionally, Saylor has driven companies to follow in its footsteps and embrace their own BTC strategic reserve.