MicroStrategy buys $2 billion in Bitcoin in largest purchase since 2020

MicroStrategy Inc. has purchased about 27,200 Bitcoin for approximately $2.03 billion, marking its largest acquisition since December 2020. The purchase occurred between October 31 and November 10, raising the company's total Bitcoin holdings to around $23 billion. The firm, which began buying Bitcoin in 2020 as a hedge against inflation, has shifted its funding strategy from cash to proceeds from stock and convertible debt sales. MicroStrategy now holds about 279,420 Bitcoin, valued at an average price of $42,692 each. Following the announcement, MicroStrategy's stock rose by as much as 11%, nearing its all-time high from March 2000. The company remains the largest publicly traded corporate holder of Bitcoin, second only to BlackRock's exchange-traded fund.