{"id":184289,"date":"2023-12-01T11:39:28","date_gmt":"2023-12-01T11:39:28","guid":{"rendered":"https:\/\/precoinnews.com\/?p=184289"},"modified":"2023-12-01T11:39:28","modified_gmt":"2023-12-01T11:39:28","slug":"novogratz-praises-saylor-following-microstrategys-btc-investment-surge","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/bitcoin\/novogratz-praises-saylor-following-microstrategys-btc-investment-surge\/","title":{"rendered":"Novogratz Praises Saylor Following MicroStrategy's BTC Investment Surge"},"content":{"rendered":"
As you may know, MicroStrategy Inc., a Nasdaq-listed business intelligence company, has notably expanded its Bitcoin portfolio in November by acquiring an additional 16,130 Bitcoins. This recent purchase, as reported in the company\u2019s November 30th Form 8-K filing, involved an investment of approximately $593.3 million in cash, averaging about $36,785 per Bitcoin.<\/p>\n
The company\u2019s total Bitcoin treasury now stands at 174,530 units, acquired at an average price of around $30,252 each. This move in November represents a significant increase in the company\u2019s commitment to Bitcoin, marking its largest acquisition since February 2021, when it purchased 19,452 Bitcoin for just over $1 billion.<\/p>\n
Also, in November, MicroStrategy strategically partnered with financial firms Cowen and Company, Canaccord Genuity, and BTIG. These partnerships are part of an agreement to offer up to $750 million in Class A common stock, showcasing the company\u2019s proactive approach to financing its cryptocurrency ventures.<\/p>\n
Despite these bold moves in the cryptocurrency market, MicroStrategy\u2019s stock closed at $498.30, witnessing a slight drop of $8.80 (1.74%) on the day. However, reflecting on the year-to-date performance, the company\u2019s stock has seen an impressive surge of 243.61%, underscoring investor confidence in its Bitcoin-centric strategy.<\/p>\n
Yesterday, Galaxy Digital CEO Mike Novogratz recently praised MicroStrategy co-founder Michael Saylor, calling him a \u201clegend\u201d in a post on social media platform X. In his post, Novogratz highlighted the remarkable performance of MicroStrategy\u2019s stock (MSTR), which traded up against Bitcoin during a month when the company sold $600 million of stock. <\/p>\n