MicroStrategy Adds 55.000 BTC to Its Holdings, However, Shares Drop 4%

MicroStrategy Adds 55.000 BTC, Finances Purchase Through Convertible Notes

The largest cryptocurrency in the world was trading at all-time highs when MicroStrategy said on Monday that it had paid $5.4 billion for an additional 55.000 bitcoins last week. After the news, the company’s shares moved on both sides of the flat line, but they ended the day 4% lower.

According to a filing with the SEC, MicroStrategy purchased these bitcoins between November 18 and November 24 for an average price of $97,862, spending $5.4 billion in the process. According to the corporation, the purchase was financed by the revenues from the issuance of convertible notes and shares.

MicroStrategy Now Holds 386,700 BTC Worth $21.9 Billion Amid Recent Surge

Since 2020, the application software company—which is now a Bitcoin proxy—has been purchasing tokens. Since Donald Trump won the presidency earlier this month, bitcoin has surged to highs around $99,000, and the company has increased its acquisitions in recent weeks. 51,780 bitcoins were purchased by the corporation the previous week at an average price of slightly more than $88,500 per token.

About 386,700 bitcoins were in MicroStrategy’s possession as of Sunday; they were purchased for a total estimated purchase price of $21.9 billion, with an average buying price of roughly $56,761 per bitcoin. Although shares of MicroStrategy dropped more than 15% this week after short-seller Citron Research declared they were betting against the stock, the company has been on a wild ride this year, up more than 515% so far.

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