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The business intelligence company MicroStrategy has acquired 397 Bitcoins for a total of $46.5 million, according to its announcement on Monday.
This marks the company’s largest Bitcoin purchase since September 22.
The company now has a total of 640,418 BTC, which was purchased at an average price of $74,057 per coin.
Decreasing purchases
The company’s October acquisition was as disappointing as the price performance of the main cryptocurrency. On October 20, the company announced that it had bought just $18.8 million, which marked one of its smallest Bitcoin purchases to date.
After stunning the crypto crowd with nine-figure purchases, the company’s announcements are now substantially less impressive as capital raising has become significantly less favorable due to its premium collapsing.
Bitcoin remains in the red
The market usually doesn’t react to much larger purchases made by Strategy, so it’s no surprise that the most recent sub-$50 million announcement also had almost zero impact on the cryptocurrency’s price action.
Bitcoin is currently changing hands at $107,844, according to CoinGecko data, down 2.2% in the last 24 hours.
Meanwhile, shares of MSTR were down nearly 2% in pre-market trading. The stock is down 33% in the last six months, substantially underperforming BTC.
However, there is still room for optimism given that the Strategy has generated positive returns four out of five months in November since 2020. Its average return is currently at 31%.
