MicroStrategy, the prominent software developer and the largest corporate holder of Bitcoin (BTC), significantly increased its cryptocurrency holdings in November. With a substantial investment of ~ $594 million, the company acquired 16,130 BTC, bringing its total holdings to 174,530 BTC.

This move, initiated by MicroStrategy’s founder Michael Saylor, signifies a notable acceleration in the firm’s Bitcoin purchasing activities. The November acquisition represents a remarkable 10% increase in its holdings within just one month. This demonstrates MicroStrategy’s continued commitment to Bitcoin as a strategic asset, with its average purchase price standing at around $30,252 per coin.

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About MicroStrategy

MicroStrategy Incorporated, founded in 1989 by Michael J. Saylor, Sanju Bansal, and Thomas Spahr, is an American company based in Tysons Corner, Virginia. Specializing in business intelligence (BI), mobile software, and cloud-based services.

MicroStrategy develops software to analyze both internal and external data for informed business decision-making and mobile app development. As of 2022, Michael Saylor served as the Executive Chairman, having been the CEO from the company’s inception until that year. MicroStrategy’s primary competitors in the business analytics sector include SAP AG Business Objects, IBM Cognos, and Oracle Corporation’s BI Platform. 

MicroStrategy Increases Bitcoin Holdings to 174,530 BTC

MicroStrategy (MSTR) made headlines on 30 Nov ‘23, as it disclosed the acquisition of an additional 16,130 bitcoins, spending ~ $594 million at an average price of $36,785 per BTC. This strategic move elevated the company’s total Bitcoin holdings to an impressive 174,530 BTC

Interestingly, this announcement coincided with a decline in BTC value, impacting MicroStrategy’s stock price, which saw a 1.74% decrease compared to a 0.37% BTC loss. However, despite the short-term market fluctuations, MicroStrategy experienced notable gains, with a 17.69% increase in November and a remarkable 242% surge year-to-date until November.      

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Bitcoin Analysis

Bitcoin (BTC) is exhibiting bullish signals as it maintains positions above both the 50-day and 200-day Exponential Moving Averages (EMAs). To support a move beyond the $39,000 resistance, BTC needs to surpass the November high of $38,490, potentially targeting $40,000.

Key factors for market attention include developments in BTC-spot ETF news and regulatory activities. On the downside, a breach below the $37,600 support level could bring the $36,400 support into play. The 14-Daily Relative Strength Index (RSI) reading of 61.74 suggests BTC may approach the $39,000 resistance before reaching overbought levels.

Conclusion

MicroStrategy’s recent acquisition of 16,130 bitcoins for $593.3 million, at an average price of $36,785 per BTC, showcases the company’s continued commitment to its substantial Bitcoin holdings, now totaling 174,530 BTC. Despite a temporary impact on MicroStrategy’s stock due to concurrent BTC price fluctuations, the firm’s strategic moves align with its bullish stance on Bitcoin as a long-term asset. This development coincides with MicroStrategy’s remarkable 17.69% gain in November and a notable 242% surge year-to-date until November, underscoring the company’s confidence in the enduring value of cryptocurrency.