MicroStrategy becomes profitable on Bitcoin bet as BTC surges past $30k
MicroStrategy’s $4 billion Bitcoin (BTC) bet turned profitable on June 21 after the cryptocurrency’s value exceeded the company’s average purchase price of $29,803 for the first time in nearly two months, according to reports. . of crypto slate data.
As reported on May 1st filing MicroStrategy, in partnership with the U.S. Securities and Exchange Commission, holds approximately 140,000 bitcoins acquired at a total purchase price of $4.17 billion and an average purchase price of approximately $29,803 per coin.
Bitcoin traded at $30,245 at the time of writing, and the US firm’s BTC holdings are now worth over $4.2 billion, with unrealized gains from investments of over $30 million.
Bitcoin’s positive price performance over the past week may be related to a flurry of spot Bitcoin ETF filings from several traditional financial institution players such as BlackRock, WisdomTree and Invesco.
After a series of lawsuits filed by the SEC against major cryptocurrency companies such as Coinbase and Binance, this renewed interest in institutional investors has returned positive sentiment to the market.
MicroStrategy Still Pro-BTC
MicroStrategy Executive Chairman Michael Saylor is an active supporter of Bitcoin.
Thaler recently reiterated his beliefs about the asset, saying its market power could reach 80% in the long run if regulators continue to crack down on other cryptocurrencies.
He continued to comment on the importance of Bitcoin on Twitter, Discuss Its appeal is to global citizens seeking wealth preservation while suffering from political instability, currency depreciation, bank instability and counterparty risk.
Meanwhile, MicroStrategy’s BTC approach has lured several traditional financial institutions to purchase shares in the company for indirect exposure to its flagship digital asset.
of MicroStrategy (MSTR) The stock is up more than 127% year-to-date and is trading at $331 at the time of writing.
An article first appeared on CryptoSlate about BTC surging above $30,000 and MicroStrategy profiting from Bitcoin betting.
