MicroStrategy’s Extensive Bitcoin Holdings
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 purchases 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.
“Bitcoin is Stronger.” – Michael Saylor
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.
In 2021, Bitcoin etched its place in financial market history after its impressive performance. The 14-year-old decentralized currency soared to an outrageous height, with 1 BTC trading at $69,040 in late November 2021. However, since then, the crypto asset has grappled with challenges in regaining its previous glory, hampered by broader market issues and disruptions in blockchain protocols.
Despite several attempts, it has struggled to breach the $30,000 threshold, with its last significant effort recorded in May 2022. At press time, Bitcoin is trading at the $30,925.28 price peg, indicating a 3.82% increase in the last 24 hours. Its seven-day performance is also in the green, with the foremost crypto asset surging 10%. The ripple effects of this bullish momentum are reverberating across the cryptocurrency market, pushing its total valuation to $1.17 trillion, following an addition of over $12 billion.
