MicroStrategy disclosed Thursday morning that it had got 16,130 BTC between November 1 and November 29, price about $608 million at heed-to-market prices.

Fixed with a MicroStrategy submitting with the Securities and Change Commission, the Michael Saylor-founded agency used $593.3 million in cash for its acquisition, making its average purchase label $36,785. In November, MicroStrategy issued and sold 1.2 million shares of commonplace inventory for proceeds of roughly $591 million, in line with the submitting.

Read extra: Bitcoin’s Label Has Risen, But This Metric Hasn’t

The agency now holds extra than 174,530 bitcoin, price about $6.5 billion at current market rates of $37,500. That compares to a complete investment of $5.28 billion into Bitcoin, with an average purchase label of about $30,252 per token.

With a market cap of correct underneath $6.9 billion, the agency most steadily resembles a publicly traded Bitcoin inventory, fair like alternate-traded funds. “We’ve created a irregular investment automobile,” Saylor commented within the agency’s most modern earnings name.

Read extra: Must You Sell MicroStrategy Now That Station Bitcoin ETFs Are Available?

This most in model acquisition comes because the crypto ecosystem is gearing up for the Bitcoin halving, situation to happen in April 2024, and doable situation bitcoin alternate-traded fund (ETF) filings within the USA.

MicroStrategy made its purchase before the Bitcoin halving as “they are all about maxing out their revenue doable,” head of recount at crypto index platform Phuture Charles Storry told Unchained. The halving will lower the hobble at which new Bitcoin is generated, which also can result in an amplify in label.

Per CoinGecko knowledge, the machine intelligence agency holds the most BTC in its treasury amongst publicly traded firms by a large margin. MicroStrategy has extra BTC than the next 20 firms mixed, which add up to 80,623 BTC on the balance sheets of firms treasure Marathon Digital Holdings, Galaxy Digital Holdings, Tesla and Coinbase.

Read extra: MicroStrategy Will increase Its Bitcoin Holdings to 190,000 BTC Price $8.1 Billion

MSTR’s inventory label has slid 2.38% within the previous 24 hours nonetheless has increased 210% within the previous year to $497.54 at presstime, a level not considered since Dec. 2021, in line with Yahoo Finance.

UPDATE (Dec. 1, 14:00 UTC): Added knowledge about MicroStrategy’s sale of commonplace inventory.