MicroStrategy bought nearly $600M bitcoin in less than 1 month

MicroStrategy continues to buy bitcoin. The company announced in an 8K filing on Thursday that it had bought roughly $593 million worth of bitcoin throughout the month of November.

From Nov. 1 to Nov. 29, the company bought 16,130 bitcoin along with its subsidiaries. The average price works out to be nearly $36,000.

The company now holds roughly 174,530 bitcoin, worth roughly $5.2 billion at a purchase price of $30,000.

Prior to the November buys, MicroStrategy disclosed a huge buy back in June when it bought 12,000 bitcoin over a span of two months at an average price of $28,136 per bitcoin.

The price of bitcoin (BTC) took a dip following the 8K disclosure, though the price is still above $37,000 at the time of publication.

Back in early November, during the company’s earnings call, MicroStrategy founder Michael Saylor said that the approval — then launch — of spot bitcoin ETFs would be a “catalytic event” that would benefit both his company and other entities with bitcoin exposure.

“I think we’ll see more and more analyst coverage from traditional Wall Street banks as these ETPs make bitcoin exposure available,” Saylor said on the earnings call. “More coverage means more education, means more awareness, and that results in more interest.”

MicroStrategy would continue to allow investors to gain exposure to bitcoin through its holdings, and that’s — Saylor believes — is not something that would go away if the world’s largest asset manager BlackRock or any of the other entities vying for a spot bitcoin ETF get the green light from the US Securities and Exchange Commission.

While it’s unclear what exactly made MicroStrategy so bullish on bitcoin in the month of November, there have been a slew of bitcoin ETF-related headlines. Additionally, the next bitcoin halving is roughly five months away — both of which have been identified as potential catalysts for positive price action.

As MicroStrategy prepared its 8K filing on Nov. 28, the SEC initiated the comment period for the Franklin Templeton spot bitcoin ETF proposal, a move that surprised some since it began earlier than expected.

Get the news in your inbox. Explore Blockworks newsletters:

The Breakdown: Decoding crypto and the markets. Daily.
Empire: Crypto news and analysis to start your day.
Forward Guidance: The intersection of crypto, macro and policy.
0xResearch: Alpha directly in your inbox.
Lightspeed: All things Solana.
The Drop: Apps, games, memes and more.
Supply Shock: Bitcoin, bitcoin, bitcoin.