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MicroStrategy continues to buy bitcoin. The company announced in an 8K filing on Thursday that it had bought roughly $593 million worth of bitcoin throughout the month of November.\u00a0<\/p>\n
From Nov. 1 to Nov. 29, the company bought 16,130 bitcoin along with its subsidiaries. The average price works out to be nearly $36,000.\u00a0<\/p>\n
The company now holds roughly 174,530 bitcoin, worth roughly $5.2 billion at a purchase price of $30,000.<\/p>\n
Prior to the November buys, MicroStrategy disclosed a huge buy<\/a> back in June when it bought 12,000 bitcoin over a span of two months at an average price of $28,136 per bitcoin.\u00a0<\/p>\n The price of bitcoin (BTC<\/a>) took a dip following the 8K disclosure, though the price is still above $37,000 at the time of publication.\u00a0<\/p>\n Read more:<\/strong> Bitcoin flirts with breakout, price mirrors lead-up to 2012 halving<\/a><\/p>\n Back in early November, during the company\u2019s earnings call<\/a>, MicroStrategy founder Michael Saylor said that the approval \u2014 then launch \u2014 of spot bitcoin ETFs<\/a> would be a \u201ccatalytic event\u201d that would benefit both his company and other entities with bitcoin exposure.\u00a0<\/p>\n \u201cI think we\u2019ll see more and more analyst coverage from traditional Wall Street banks as these ETPs make bitcoin exposure available,\u201d Saylor said on the earnings call. \u201cMore coverage means more education, means more awareness, and that results in more interest.\u201d\u00a0<\/p>\n MicroStrategy<\/a> would continue to allow investors to gain exposure to bitcoin through its holdings, and that\u2019s \u2014 Saylor believes \u2014 is not something that would go away if the world\u2019s largest asset manager BlackRock or any of the other entities vying for a spot bitcoin ETF<\/a> get the green light from the US Securities and Exchange Commission.\u00a0<\/p>\n While it\u2019s unclear what exactly made MicroStrategy so bullish on bitcoin in the month of November, there have been a slew of bitcoin ETF-related headlines<\/a>. Additionally, the next bitcoin halving is roughly five months away \u2014 both of which have been identified as potential catalysts for positive price action.<\/p>\n As MicroStrategy prepared its 8K filing on Nov. 28, the SEC initiated the comment period for the Franklin Templeton<\/a> spot bitcoin ETF proposal, a move that surprised some since it began earlier than expected.<\/p>\n
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