Bitcoin touched a seven-week low of just under $54,000 last week, and MicroStrategy Incorporated (NASDAQ: MSTR) saw it as an opportunity to add to its position in the world’s largest cryptocurrency.
MicroStrategy invested another $414.4 million in BTC
November was rather difficult for BTC that slid more than 20% from its record $69,000 on November 8th to $53,700 late last week. On Monday, MicroStrategy revealed in a regulatory filing that it tapped on the price decline to buy another 7,002 Bitcoin this month.
The business intelligence company that crowns itself as the biggest BTC corporate investor spent $414.4 million to increase its exposure to Bitcoin in November that translates to an average per coin price of $59,187.
The news sent shares of the Nasdaq-listed company up about 4.0% this morning. MicroStrategy now owns a total of 121,044 Bitcoins for nearly $3.6 billion or $29,534 per BTC. Its CEO Michael Saylor is a known crypto bull.
How did MicroStrategy fund the purchase?
According to MicroStrategy, it used proceeds from the share sale in the fourth quarter to make the purchase. In June, the Virginia-based company had sold 571,000 shares to raise approximately $414.4 million.
Bitcoin fell roughly 8.0% on Friday, much like the broader market that lost momentum on fears of a new COVID variant, “Omicron,” with an unusually high number of mutations to the spike protein, many of which might make it more contagious or resistant.
Despite the sharp decline, BTC is still up 100% on a year-to-date basis. In comparison, gold – the widely accepted safe haven is in the red this year.
The post Here’s what MicroStrategy did as BTC corrected 20% in November appeared first on Invezz.
