MicroStrategy Inc (NASDAQ:MSTR), the largest corporate holder of Bitcoin (CRYPTO: BTC), expanded its Bitcoin holdings in November. Spearheaded by its CEO Michael Saylor, the company added 16,130 BTC to its treasury.

What Happened: Reacting to this news, billionaire investor Galaxy Digital CEO Mike Novogratz said, “Michael Saylor is a legend!!!” 

Novogratz said, "MSTR traded up vs BTC during a month that they sold 600mm of stock and bought corn!!  Tells me that there is a ton of pent up institutional demand for the ETF that's coming…"

In a regulatory filing on Thursday, MicroStrategy purchased with approximately $593.3 million in cash, which translates to an average acquisition cost of roughly $36,785 per Bitcoin. With the new addition, the company’s Bitcoin reserves have ballooned to a staggering 174,530 BTC, secured at an average price of about $30,252 each.

November’s purchase signals an escalation in MicroStrategy’s Bitcoin investment strategy, a significant adjustment when considering that at the end of October, its holding stood at 158,400 BTC—indicating a substantial increment of over 10% within one month.

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Novogratz believes that an approved ETF will not only attract institutional but also retail investors. Partnering with Invesco, his firm Galaxy Digital is making strides towards introducing a spot Bitcoin ETF, asserting that, “Prices are set on the margin, so that's all new money."

Despite numerous delays in the Securities and Exchange Commission’s (SEC) decision on several spot Bitcoin ETF applications, the industry remains hopeful. 

Price Action: At the time of writing, Bitcoin was trading at $37,712, down 1% in the last 24 hours, according to Benzinga Pro.