MicroStrategy buys $593.3 million in bitcoin, may raise up to $750 million in new stock sale

By MK Manoylov • Edited by Nathan Crooks
Business•November 30, 2023, 11:46AM EST
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MicroStrategy buys $593.3 million in bitcoin, may raise up to $750 million in new stock sale

Quick Take

  • MicroStrategy, a software firm known as the largest corporate holder of bitcoin, purchased an additional 16,130 bitcoin for $593.3 million. 
  • The firm also said that it could raise up to $750 million through the sale of additional Class A common stock.
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MicroStrategy, a software firm best known for its bitcoin holdings, has purchased more of the digital asset and may raise additional funds through the sale of new shares.

Between Nov. 1 and Nov. 29, it purchased an additional 16,130 bitcoin for $593.3 million, with an average price of $36,785 per token, the company said in a filing. Founder and Chairman Michael Saylor said in a post on X that the company now "hodls" 174,540 bitcoin that was acquired at an average price of $30,252 each.

The company said it may raise up to $750 million through the sale of new Class A common stock shares. 

Bitcoin was mostly flat on Thursday, trading at $37,652 at 11:35 a.m. ET, according to The Block data. The world's largest digital asset by market capitalization is up 10% over the past month and 122.8% over the past year.

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