Microstrategy’s Bitcoin (BTC) bullish sentiment continues with additional purchase

• Microstrategy buys an additional 16,130 bitcoin in purchases that took place through November 2023
• The company’s current BTC holdings are now worth over $6 billion in the current market price

Microstrategy, the American business intelligence company, continues to place big bets on Bitcoin (BTC), the largest cryptocurrency by market cap. In its latest buying streak, the company has purchased 16,130 Bitcoins, according to its SEC filing

Moreover, the purchase was made between November 1st and November 29th for an average price of $36,785 per BTC, including costs. Notably, these bitcoins cost the company $593.3 million in cash.

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With the addition of the new BTCs, the company’s total Bitcoin holdings now stand at 174,530 BTCs. These coins were also purchased at an aggregate price of $5.28 billion, with each coin averaging at nearly $30,252, including all expenses.

Big bets on Bitcoin

Interestingly, the value of all of the Bitcoins held by Microstrategy is over $6 billion or exactly 6,561,315,726.00 at the current market price. According to CoinMarketCap, Bitcoin was trading at $37,662.32 with a market cap of over $736 billion. The coin has not registered a major price swing in the past day or the past seven days.

Notably, while the BTC’s price has not made a drastic move over the past few days, the coin has recorded significant growth in November 2023. As per CMC, the coin reached a high of $38,415 this month, the highest level recorded for the year 2023.

According to market analysts, the growth is mainly fueled by the anticipation of an approved Bitcoin spot ETF, which many speculate could become a reality. The turning point in the market was the filing for a spot BTC ETF by Blackrock, an investment management giant. The filing resulted in several other companies following suit. Moreover, the investment giant has doubled its interest in the crypto market with an Ethereum spot ETF, which added to the market optimism.

The perspective of an approved spot Bitcoin ETF even had the founder of MicroStrategy – Michael Saylor – predicting a bullish market for the coin’s future. Earlier this year, Saylor had stated that the spot ETF would be “really beneficial to the entire ecosystem.” He also remarked, “We are that sports car. The spot ETF will be that super tanker”