MicroStrategy’s BTC Holdings Flip Green as Bitcoin Climbs to $30,000 – Will Billionaire Michael Saylor Keep Buying?
Popular Bitcoin advocate firm MicroStrategy is witnessing a remarkable increase in the value of its extensive Bitcoin holdings, which exceed 150,000 BTC. This surge in value is due to the recent resurgence of the leading cryptocurrency.
Bitcoin has surged above the $30,000 price peg with an eye for the $31,000 range as the buying frenzy continues to grip the crypto market.
Currently, MicroStrategy's Bitcoin holdings, totaling 158,245 BTC, are valued at an impressive $4.68 billion. The firm has been actively accumulating Bitcoin, with most fpurchases made at an average price of $29,870 per BTC.
With the digital asset’s recent surge, MicroStrategy has realized a paper profit of $132 million on its initial investment.
The business intelligence software company, chaired by popular Bitcoin evangelist Michael Saylor, has made good on its promises to continue stockpiling the decentralized currency since its first purchase in August 2020.
In 2023, the company significantly expanded its Bitcoin holdings, notably adding 5,445 Bitcoin assets to its portfolio in September at a cost of $147.5 million.
This move occurred when Bitcoin faced challenges in surpassing the $29,000 threshold due to broader financial market fluctuations.
For now, MicroStrategy has no intentions of liquidating its profits. The company's Chairman and co-founder recently shared an image on X (formerly Twitter) bearing the message "Bitcoin is Stronger."
In the image, Saylor illustrated the performance of Bitcoin in comparison to more traditional investment assets such as the S&P 500, Nasdaq, Gold, Silver, and Bonds. This visual comparison encompassed the period since the company's initial Bitcoin purchase in 2020.
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