MicroStrategy Inflates Bitcoin Stash Ahead Of Anticipated BTC ETF Approvals; Owns 0.9% Of Circulating Supply

MicroStrategy has added more Bitcoin to its crypto stash and holds approximately 0.90% of the crypto asset's circulating supply, ahead of potential spot Bitcoin exchange-traded fund (ETF) approvals.

MicroStrategy spent $593.3 million to purchase 16,130 BTC at an average price of $36,785 per Bitcoin, Michael Saylor, the co-founder and executive chairman of the software and business intelligence company, said in a tweet Thursday.

Saylor also provided an update on the total Bitcoin stash of MicroStrategy, which now stands at 174,530 BTC acquired for approximately $5.28 billion at an average price of $30,252 per BTC.

"MicroStrategy has acquired an additional 16,130 BTC for ~$593.3 million at an average price of $36,785 per #bitcoin. As of 11/29/23, @MicroStrategy now holds 174,530 $BTC acquired for ~$5.28 billion at an average price of $30,252 per Bitcoin. $MSTR," Saylor wrote on X.

The latest acquisition is MicroStrategy's second consecutive BTC purchase in the past couple of months since it acquired 155 BTC for around $5.3 million at the start of November.

MicroStrategy's Bitcoin stash has seen unrealized gains of more than $1.1 billion, eclipsing its cumulative investment by 25%.

Bitcoin was trading in the green zone at $38,283.64 as of 4:00 a.m. ET on Friday, with a 24-hour trading volume down by 4.35% at $19,697,377,263. Its price action represented a 1.39% gain over the past 24 hours and a 2.1% gain in the past seven days.

Data from CoinMarketCap revealed that Bitcoin's circulating supply stands at 19,557,675 BTC with its value climbing by 1.46% at a $749,290,792,569 market cap.

Based on the latest price of Bitcoin, MicroStrategy, the largest corporate Bitcoin holder, is currently sitting on a $1.4 billion unrealized gain.

Aside from expanding its Bitcoin portfolio, MicroStrategy also looks to boost funds and is planning to sell new Class A common stock shares to raise up to $750 million.

"We further increased our total Bitcoin holdings to 158,400 Bitcoins, adding 6,067 Bitcoins since the end of the second quarter. Our commitment to acquire and hold Bitcoin remains strong, especially with the promising backdrop of potential increased institutional adoption. And while we continue to grow our strong balance sheet, our Q3 operating results and growth in total revenues reflect the resiliency of our software business and establish a solid foundation to capitalize on AI in BI," MicroStrategy CFO Andrew Kang said while announcing the company's Q3 financial results last month.