Michael Saylor's MicroStrategy makes its biggest bitcoin purchase in years as Wall Street grows more bullish

• MicroStrategy bought $593.3 million of bitcoin through November, its latest filing shows.
• That's its largest purchase since a $1 billion acquisition in February 2021.
• Chairman Michael Saylor is pursuing a strategy of acquiring as much bitcoin as possible.

MicroStrategy bought $593.3 million worth of bitcoin this month, marking the firm's largest purchase in nearly three years.

A Thursday filing disclosed that the company added 16,130 tokens to its holdings in November, purchased at an average price of $36,785 per bitcoin. MicroStrategy's total trove of bitcoins is now valued around $6.5 billion. 

This month's bitcoin spree was the firm's biggest since February 2021, when MicroStrategy spent $1 billion to add 19,452 tokens, Bloomberg reported.

It comes as the asset is attracting renewed attention, amid growing confidence that a bitcoin spot ETF is soon to be approved by federal regulators. 

The bullishness is seen in recent forecasts, which put the price at $100,000 by the end of next year, more than doubling after it already jumped 127% this year to $37,788.

MicroStrategy's November purchase is also in line with Chairman Michael Saylor's plan to acquire as much of the cryptocurrency as possible on expectations that the token's market dominance would escalate aggressively.

"I think that the public is beginning to realize that bitcoin is the next bitcoin," he said in August. "The next logical step is for bitcoin to 10x from here and then 10x again."

Earlier bitcoin purchases also saw MicroStrategy sell shares to buy bitcoin, including a $150 million purchase between August and September. 

The latest filing also disclosed that MicroStrategy entered an agreement for a possible $750 million sale of class A common stock.

Given the enormity of its bitcoin trove, MicroStrategy's stock performance has mirrored the token's surge in 2023, with shares up 174.68% this year.