MicroStrategy Purchased More Bitcoin as the Asset’s Value Increased

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Last Updated on November 2, 2023 by Bitfinsider

MicroStrategy Chairman and Founder Michael Saylor announced that the company purchased another 155 bitcoin for $5.3 million in October, a month that saw the price of the most popular cryptocurrency skyrocket.

MicroStrategy now has 158,400 bitcoin, according to Saylor in a post on X, where he also teased the release of the company’s third-quarter earnings. The corporation reported in a filing a little more than a month ago that it had purchased 5,445 bitcoins for $147.3 million — at an average price of $27,053 per bitcoin — between Aug. 1 and Sept. 24.

This set MicroStrategy up for some fast gains on its recently purchased bitcoin, as the digital asset’s price skyrocketed in October, nearly reaching $35,000 at one point. Bitcoin is presently trading barely below that level, amid speculation that spot bitcoin ETFs may soon receive the necessary approvals before investors can invest in the new financial vehicle.

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