What just happened? The world's largest corporate holder of Bitcoin is continuing to pour money in the volatile cryptocurrency. Between October 31, 2024 and November 10, MicroStrategy purchased an additional 27,200 Bitcoins at an average price of $74,463 per coin for roughly $2.03 billion in cash.
Buying at that price may seem risky but if you've been keeping tabs on cryptocurrency values as of late, you know that it is already looking like a smart move (at least, as of this writing).
The business intelligence firm and its subsidiaries now hold a whopping 279,420 Bitcoins which were purchased at an average price of $42,692 each. Again, that may sound like a lot to the casual observer but considering a single coin is trading for $84,030 as of this writing (and climbing), it is a great place to be in.
Currently, the company's Bitcoin stash is worth nearly $23.5 billion but cost MicroStrategy just $11.9 billion.
Bitcoin price in the last year
Still, there is no denying the significant risk involved, especially considering we are discussing a digital currency that is not backed by any tangible asset. While increasingly less likely, it could still falter at any time and leave many in financial ruin. But as of today, we are as far away from that happening as at any point prior.
MicroStrategy said its latest Bitcoin purchase was made using proceeds from the issuance and sale of company shares.
Today's value represents a record high for the world's most popular cryptocurrency, which has enjoyed a stellar year thus far.
Entering 2024, the value of a single Bitcoin was just north of $44,000. The debut of US-listed Bitcoin exchange traded funds had a huge impact on the market and by March, Bitcoin's value had surged to more than $70,000. Trump's recent victory in the US presidential election has added thousands more to Bitcoin's value, and it seems like there is a real chance that Bitcoin could finally reach the $100,000 ceiling for the first time.
MicroStrategy doubles down on crypto, now sits on nearly 280K Bitcoins
