coinspress.com
MicroStrategy, the biggest holder of Bitcoin reserves among American software companies, has now profited from its cryptocurrency investment.
According to MicroStrategy’s SEC filing on April 5, the company and its subsidiaries purchased approximately 1,045 Bitcoin between March 24 and April 4 for around $29.3 million.
With this purchase, MicroStrategy has acquired 140,000 Bitcoin at an average price of $29,803 per coin, for a total purchase price of approximately $4.17 billion.
As Bitcoin’s value surged 6.2% in the last 24 hours and is now trading at $30,108, MicroStrategy’s Bitcoin holdings are currently valued at over $4.2 billion.
MicroStrategy made waves in 2020 when it bought $250 million in Bitcoin as part of its treasury reserve strategy, a move that was initially met with skepticism by experts in the finance industry who questioned Bitcoin’s long-term viability as a store of value.
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However, MicroStrategy’s executive chairman Michael Saylor has become a vocal advocate for Bitcoin, arguing that it can outperform traditional asset classes like gold and stocks.
Saylor has repeatedly stated that MicroStrategy has no plans to sell its Bitcoin holdings in the near future, except for a single instance at the end of last year when the company sold a portion of its holdings to secure “tax benefits.”
Furthermore, MicroStrategy’s investment in Bitcoin has significantly driven its recent stock price performance.