Last Updated on October 22, 2023 by Bitfinsider
Due to Bitcoin’s brief ascent beyond the $30,000 barrier on Friday, MicroStrategy’s holdings have once more turned a profit. Following the recent dismissal of charges against two Ripple executives in the XRP litigation, market excitement and renewed hopes for SEC ETF approval drove this unexpected rise in bitcoin value.
The recent purchase of Bitcoin by MicroStrategy, which was announced in late September, is noteworthy. The company spent over $147.3 million to acquire 5,445 BTC at an average purchase price of $27,053. With the cryptocurrency market experiencing renewed vigor, MicroStrategy’s Bitcoin holdings are now profitable, demonstrating the wisdom of this strategic move.
Notably, according to data from “Saylor Tracker,” given that MicroStrategy’s entire Bitcoin assets were purchased at an average cost of around $29,582 USD per coin, the company has generated an outstanding profit of almost $14,941,479.68.
MicroStrategy’s (NASDAQ: $MSTR) shares also benefited from a significant 5.69% increase on Friday as a result of this upbeat market mood, closing at a premium price of $348.04.
Under the direction of co-founder Michael Saylor, MicroStrategy, known for its significant Bitcoin holdings, is currently the most well-known corporate custodian of the ground-breaking digital currency. According to the most recent regulatory filings, MicroStrategy is the proud owner of 158,245 Bitcoins, with a market value of more than $4.69 billion.
This puts MicroStrategy ahead of its rivals in the publicly traded business sector, such as Marathon Digital and Galaxy Digital, which own 13,286 and 12,525 BTC, respectively, in accordance with information from ‘Buy Bitcoin Worldwide’.
Nevertheless, the rise in Bitcoin’s value and the huge financial gains made by MicroStrategy highlight the growing significance of cryptocurrencies in the business sector. Furthermore, Saylor’s pledge to additional acquisitions and MicroStrategy’s steadfast commitment to using Bitcoin as a treasury reserve both highlight the company’s innovative strategy and position it as a leader in the changing financial landscape.
Institutional interest in digital assets is expected to continue to soar as a result of the SEC’s possible approval of a Bitcoin ETF.
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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.
