MicroStrategy (MSTR) said Monday it purchased another 55,000 bitcoins (BTC-USD) last week for $5.4 billion as the world's largest cryptocurrency w

MicroStrategy spends $5.4 billion buying another 55,000 bitcoins, shares slide

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2024-11-25 17:30:14

MicroStrategy (MSTR) said Monday it purchased another 55,000 bitcoins (BTC-USD) last week for $5.4 billion as the world's largest cryptocurrency was trading at all-time highs.

In a filing with the SEC, MicroStrategy said it spent $5.4 billion to acquire these bitcoins between Nov. 18 and Nov. 24, buying the bitcoin at an average price of $97,862.

In recent weeks, it has intensified its purchases as bitcoin has rallied to highs above $99,000 following Donald Trump's presidential win earlier this month.

As of Sunday, MicroStrategy held approximately 386,700 bitcoins, acquired for an aggregate purchase price of about $21.9 billion and an average purchase price of approximately $56,761 per bitcoin.

MicroStrategy stock has been on a wild run this year, up more than 515% year to date, though shares fell over 15% last week after short seller Citron Research said they were betting against the stock.

The short seller said in an X post that while the firm remains bullish on bitcoin — and was bullish on MicroStrategy's bitcoin play years ago — the company's stock has "completely detached from BTC fundamentals."

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