Microstrategy’s Bitcoin Treasury Grows to 174,530 Coins in Latest Purchase
Microstrategy has expanded its bitcoin holdings with the acquisition of 16,130 more bitcoins, bringing its total to 174,530 bitcoins acquired for around $5.28 billion.
The purchase, made in cash between Nov. 1 and Nov. 29, adds to Microstrategy’s commitment to bitcoin since adopting its strategy in August 2020. Since then, Microstrategy’s stock has outperformed major asset classes and indices, surging by 321%. The company terminated a sales agreement, allowing it to issue and sell shares, generating approximately $590.9 million in net proceeds used to acquire more bitcoin. Michael Saylor, Microstrategy’s chairman, views bitcoin as a dependable store of value and an attractive investment asset.
According to a chart shared by Saylor, Microstrategy’s performance in the same period has eclipsed that of bitcoin, the S&P 500, and the Nasdaq Composite index, rising by 321%. In contrast, bitcoin rose by 221%, the S&P 500 increased by 36%, and the Nasdaq Composite index saw a 30% rise. Meanwhile, gold declined by 2%, silver fell by 16%, and bonds dropped by 22%. The software intelligence firm’s proactive approach to bitcoin investment continues to demonstrate its commitment to the cryptocurrency, positioning it as a significant addition to the global financial system with long-term value potential.
Clever Robot News Desk 3rd December 2023
Related Article
