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MicroStrategy's $4.6B Bitcoin Buy Makes It Largest Holder with 331,200 BTC

Nov 18, 2024, 08:36 PM

MicroStrategy Inc., led by Michael Saylor, has significantly ramped up its Bitcoin acquisition strategy, purchasing an additional 51,780 BTC for $4.6 billion, marking the largest single-day Bitcoin purchase in history. This acquisition brings MicroStrategy's total Bitcoin holdings to 331,200 BTC, surpassing the US government's holdings and making it the largest institutional holder of Bitcoin. The company's aggressive buying spree has led to a 41.8% Bitcoin yield year-to-date, providing a net benefit of approximately 79,130 BTC to its shareholders. This strategy has also seen MicroStrategy's stock surge, with the company's market capitalization approaching $80 billion. Saylor has expressed confidence in Bitcoin reaching $100,000, and the recent purchases have been part of a broader plan announced by him to raise $42 billion over the next three years to continue acquiring Bitcoin, with $6.6 billion already spent in the first three weeks of this plan. Additionally, MicroStrategy's Bitcoin acquisitions have outpaced the inflows into Bitcoin ETFs, with the company buying nearly 80,000 BTC in November alone.