MicroStrategy will spend another $600M to buy more than 16,000 BTC.

MicroStrategy, the NASDAQ-listed business intelligence software giant that made waves three years ago with its pro-Bitcoin strategy, has made another acquisition spree.

The firm's former CEO and founder – Michael Saylor – disclosed the purchase of BTC worth nearly $600 million.

Sayler said the firm he founded three decades ago spent $593.3 million to buy 16,130 BTC more, at an average price of $36,785 per bitcoin. This is MicroStrategy's second BTC purchase of November. As previously reported, the company bought 155 BTC for $5.3 million at the beginning of the month. The latest purchase brings the company's total savings to 174,530 BTC. It cost less than $5.3 billion to acquire the measure. This means that Microstrategy is sitting on a huge profit of more than $1.2 billion, compared to BTC's current price of $37,750.

MicroStrategy got an additional 16,130 BTC for ~$593.3 million at an average of $36,785 per #bitcoin. As of 11/29/23, @MicroStrategy now hodls 174,530$BTC for ~$5.28 billion at an average of $30,252 per bitcoin. $MSTR

— Michael Saylor⚡️ (@saylor) November 30, 2023

CryptoPotato reported its biggest rally this year with MicroStrategy's share price movements over the weekend. Closely linked to BTC and given the cryptocurrency's annual rise, the company's shares have been on a roll since January 1. MSTR hit a one-year high above $520 in 2023 after a 250% increase. On Thursday, the price of MSTR pulled back slightly but is still above $500.