MicroStrategy Buys Nearly 80,000 BTC in November, Outpacing US Bitcoin ETF Purchases

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In a bold move that has sent ripples across the digital asset landscape, MicroStrategy has acquired nearly 80,000 Bitcoin (BTC) in November alone—surpassing the combined BTC purchases of all US spot Bitcoin exchange-traded funds (ETFs) during the same period. This aggressive accumulation underscores the company’s unwavering commitment to Bitcoin as a core treasury reserve asset and solidifies its position as one of the largest corporate holders of cryptocurrency.

Record-Breaking Bitcoin Acquisition

On November 18, 2024, MicroStrategy filed a report with the U.S. Securities and Exchange Commission (SEC) revealing the purchase of 51,780 BTC for $4.6 billion**, at an average price of **$88,627 per coin. This marks the largest single-month Bitcoin acquisition in the company’s history.

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This latest transaction follows a prior purchase just one week earlier, when the company bought 27,200 BTC for $2.03 billion**. Combined, these two major buys total **78,980 BTC**, valued at over **$6.6 billion, making November 2024 a landmark month for corporate Bitcoin adoption.

As a result, MicroStrategy’s total Bitcoin holdings now stand at 331,200 BTC, acquired at an average cost of $49,875 per coin**, with a cumulative investment of **$16.5 billion. At current market valuations, this stash is worth approximately $30 billion, highlighting the substantial unrealized gains from its long-term strategy.

Measuring Success: Bitcoin Yield as a KPI

MicroStrategy measures the success of its Bitcoin investment using a unique metric: Bitcoin yield. According to the company’s latest filing, its year-to-date BTC yield has reached 41.8%, up from 41% earlier in the quarter. This metric reflects the appreciation of its BTC holdings relative to its average acquisition cost and serves as a key performance indicator for shareholder value creation.

Unlike traditional financial metrics such as earnings per share or return on equity, Bitcoin yield directly ties corporate performance to the performance of its primary asset class—Bitcoin. This innovative approach has drawn both praise and scrutiny but remains central to MicroStrategy’s identity as a digital asset-forward corporation.

Despite the scale of these purchases, the market reaction to MicroStrategy’s stock (MSTR) has been relatively muted. Pre-market trading data showed only a 0.23% increase, suggesting that investors may have already priced in the company’s continued BTC accumulation strategy.

MicroStrategy vs. US Bitcoin ETFs: Who’s Buying More?

One of the most striking revelations from recent data is that MicroStrategy purchased more Bitcoin in November than all US spot Bitcoin ETFs combined.

According to analytics compiled by on-chain researcher HODL15Capital, as of November 15, 2024, all US spot Bitcoin ETFs had collectively acquired 38,615 BTC. Leading the pack was BlackRock’s iShares Bitcoin Trust (IBIT), which accounted for over 37,000 BTC of that total.

In contrast, MicroStrategy’s 78,980 BTC acquisition in the same timeframe nearly doubles the ETFs’ monthly inflow. This highlights a critical shift: while retail and institutional investors are increasingly gaining exposure to Bitcoin through regulated ETF products, a single corporation is outpacing them all in direct ownership.

This distinction is significant. ETFs provide indirect exposure—investors own shares in a fund that holds Bitcoin—but MicroStrategy owns the actual digital assets outright, storing them in cold wallets under its control. This gives it full custody and aligns it more closely with a "hard money" philosophy embraced by many in the Bitcoin community.

A Corporate Treasury Transformed

MicroStrategy’s transformation from a business intelligence software company to the world’s most prominent publicly traded Bitcoin holder has been nothing short of revolutionary.

Under the leadership of Executive Chairman Michael Saylor, the company has systematically reallocated its treasury reserves into Bitcoin, arguing that fiat currencies are subject to debasement through inflation and monetary expansion. By holding Bitcoin—a scarce, decentralized, and censorship-resistant asset—MicroStrategy aims to preserve and grow shareholder value over the long term.

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Today, MicroStrategy’s Bitcoin holdings exceed the market capitalization of all but 14 companies in the S&P 500, placing it in elite financial company alongside tech giants like Apple and Alphabet. This level of exposure makes MSTR one of the most leveraged ways to gain pure-play exposure to Bitcoin’s price movements.

Market Context and Bitcoin Performance

At the time of reporting (November 19, 2024), Bitcoin was trading near record highs, with a price increase of 0.96% over the past 24 hours. The cryptocurrency’s market capitalization stood at $1.79 trillion**, with a 24-hour trading volume of **$75.75 billion.

The broader crypto market was valued at $3.07 trillion, with Bitcoin dominance holding steady at 58.51%, indicating continued confidence in BTC as the foundational digital asset.

These favorable market conditions have likely influenced MicroStrategy’s timing, allowing it to acquire large quantities of BTC while sentiment remains strong post-US election and amid growing institutional adoption.

Frequently Asked Questions (FAQ)

Q: How much Bitcoin does MicroStrategy own as of November 2024?
A: MicroStrategy holds 331,200 BTC, acquired at an average price of $49,875 per coin.

Q: Did MicroStrategy buy more Bitcoin than US ETFs in November?
A: Yes. MicroStrategy purchased nearly 79,000 BTC, while all US spot Bitcoin ETFs combined bought approximately 38,615 BTC during the same period.

Q: What is Bitcoin yield, and why does MicroStrategy use it?
A: Bitcoin yield measures the appreciation of BTC holdings relative to acquisition cost. MicroStrategy uses it as a KPI to demonstrate how its Bitcoin strategy creates shareholder value.

Q: Is MicroStrategy still a software company?
A: Technically yes, but its primary asset is now Bitcoin. Its software operations continue but are overshadowed by its treasury strategy.

Q: How does owning Bitcoin benefit MicroStrategy shareholders?
A: By holding a scarce digital asset, MicroStrategy hedges against inflation and gains exposure to potential long-term price appreciation, directly linking shareholder returns to BTC’s performance.

Q: Where does MicroStrategy store its Bitcoin?
A: The company stores its BTC in cold storage with multi-signature security protocols to ensure maximum protection against theft or loss.

The Bigger Picture: Institutional Adoption Accelerates

MicroStrategy’s actions are more than just a corporate treasury decision—they represent a growing trend among forward-thinking institutions to reconsider what constitutes sound money. As global debt levels rise and central banks maintain accommodative monetary policies, assets like Bitcoin are increasingly seen as viable alternatives for capital preservation.

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While regulatory scrutiny and market volatility remain concerns, MicroStrategy’s consistent execution has proven that a public company can successfully adopt Bitcoin at scale—without diluting trust or operational integrity.

As 2025 unfolds, all eyes will be on whether other corporations follow suit and whether regulators adapt to accommodate this new paradigm of corporate finance.

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