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With BTC above $30K, MicroStrategy Is Back in the Green - Crypto Briefing

source-logo  cryptobriefing.com 11 April 2023 14:06, UTC

MicroStrategy co-founder Michael Saylor’s bitcoin position is no longer underwater. With Bitcoin trading for roughly $30,200, and an average purchase price of $29,803 per bitcoin, Saylor is now officially in the green.

$4.2 Billion in BTC

Bitcoin’s recent price performance is good news for one of its biggest advocates.

The top cryptocurrency pushed past the $30,000 mark late last night, reaching levels unseen since June 2022. At the time of writing, BTC was trading for roughly $30,200—slightly above MicroStrategy’s average purchase price of $29,803 per bitcoin.

MicroStrategy is a business intelligence software company. In August 2020, MicroStratregy co-founder (and then-CEO) Michael Saylor announced for the first time that the company had converted some of its cash holdings into bitcoin due to inflation concerns. Saylor followed through with numerous other bitcoin purchases and became notorious for his relentless Bitcoin advocacy. “Go mortgage your house and buy more Bitcoin,” he famously stated in 2021.

MicroStrategy kept accumulating bitcoin after prices plunged. As recently as March 27, the company had acquired another 6,455 BTC for approximately $150 million, for an average price of $23,238 per coin; a week later, MicroStrategy purchased an additional 1,045 BTC for roughly $29 million at an average price of $28,016 per coin. The company currently holds 140,000 BTC, a sum worth over $4.2 billion at the time of writing.

Saylor stepped down from his position as CEO of MicroStrategy in August 2022. He was replaced by MicroStrategy president Phong Le. Saylor retained his position as the company’s executive chairman, in charge of focusing on “Bitcoin acquisition strategy and related Bitcoin advocacy initiatives.”

Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and several other crypto assets.