MicroStrategy Buys $4.6 Billion of Bitcoin in Biggest Purchase – BNN Bloomberg

On November 18, 2024By Littum

Analyst Brett Knoblauch explains MicroStrategy’s move to buy $2 billion worth of bitcoin USD amid a cryptocurrency frenzy.

(Bloomberg) — MicroStrategy Inc . bought about 51,780 Bitcoins for about $4.6 billion, the largest purchase by the crypto hedge fund’s proxy since it began acquiring the digital asset more than four years ago.

The enterprise software maker, whose corporate strategy includes buying the cryptocurrency, bought the tokens between Nov. 11 and Nov. 17, according to a filing with the US Securities and Exchange Commission on Monday. It now holds more than $29 billion in Bitcoin.

MicroStrategy co-founder and chairman Michael Saylor decided to invest in Bitcoin in 2020 as a hedge against inflation. The firm initially used cash to make the purchases and has switched to using the proceeds from the issue and sale of shares and the sale of convertible debt to leverage its purchasing power.

Saylor has doubled down on the strategy this year, saying the company aims to raise $42 billion over the next three years.

–With assistance from Tom Contiliano.