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MicroStrategy’s Bitcoin Holdings Turn Profitable as BTC Crosses $30k - TheNewsCrypto

source-logo  thenewscrypto.com 11 April 2023 15:05, UTC
  • MicroStrategy’s total number of Bitcoin holdings is 141,000.
  • Bitcoin is now trading at $30,232 and is up 3% in the last 24 hours.

MicroStrategy, an American software firm, has the highest corporate Bitcoin (BTC) holdings and is presently profiting from its cryptocurrency wager. According to an SEC filing made by MicroStrategy on April 5, the business and its subsidiaries bought roughly 1,045 Bitcoin for about $29.3 million between March 24 and April 4.

This brought MicroStrategy’s total number of Bitcoin bought to about 141,000 at a total cost of around $4.17 billion and an average cost of around $29,803 per coin. MicroStrategy’s Bitcoin assets are now worth more than $4.2 billion thanks to the increase in value of the main cryptocurrency over the previous 24 hours, which finally crossed the $30k level and is now trading at $30,232.

Stock Price Surges

In 2020, MicroStrategy made waves when it became the first major firm to add Bitcoin to its treasury reserves, spending $250 million. Since then, the firm’s assets have grown steadily. The decision was first viewed with suspicion due to widespread uncertainty over Bitcoin’s long-term sustainability as a store of value among financial sector professionals.

Michael Saylor, executive chairman of MicroStrategy, has come out in support of Bitcoin, claiming that it has more potential for growth than gold and equities. Saylor has said repeatedly that selling MicroStrategy’s Bitcoin assets is not in the cards, with the exception of a single sale made at the end of last year for tax advantages.

MicroStrategy’s recent stock price growth may also be attributed in large part to the company’s bet on Bitcoin. The stock price of the firm (NASDAQ: MSTR) rose $7.82% on Monday, ending the trading day at $312.78. The stock price has risen dramatically, up 40% in only the last month.