BREAKING: Strategy Announces Biggest Purchase Since Late September

Business intelligence firm MicroStrategy has purchased 397 Bitcoins for a total of $46.5 million, according to its Monday announcement. 

This marks the company's biggest Bitcoin buy since Sept. 22. 

The company now holds a total of 640,418 BTC, which has been purchased at an average price of $74,057 per coin.

Dwindling purchases 

The company's October purchases were just as underwhelming as the flagship cryptocurrency's price performance. On Oct. 20, the company announced that it had bought just $18.8 million, which marked one of its smallest Bitcoin purchases to date.

After wowing the crypto crowd with nine-figure purchases, the company's announcements are now substantially less impressive since capital-raising has become significantly less favorable due to its collapsing premium. 

Bitcoin remains in the red

The market would not normally react to far bigger purchases conducted by Strategy, so it comes as absolutely no surprise that the most recent sub-$50 million announcement also had virtually zero impact on the cryptocurrency's price action.

Bitcoin is currently changing hands at $107,844, according to CoinGecko data, down 2.2% over the past 24 hours. 

Meanwhile, MSTR shares are down nearly 2% in pre-market trading. The stock is down 33% over the past six months, substantially underperforming BTC. 

However, there is still some room for optimism given that Strategy has generated positive returns four out of five months in November since 2020. Its average return currently stands at 31%.