(qlmbusinessnews.com Thur, 14th Dec, 2023) London, UK —
Crypto Goldmine: MicroStrategy's Michael Saylor Rides High on $2 Billion Bitcoin Profit
MicroStrategy, led by Executive Chairman Michael Saylor, has seen its Bitcoin (BTC) holdings soar to a profit exceeding $2 billion as the cryptocurrency surged above $42,000. The business intelligence firm began its foray into Bitcoin in August 2020, making continuous purchases to bolster its treasury.
As of November 30, MicroStrategy's Bitcoin holdings reached an impressive 174,530, acquired at an average price of $30,252 each, totaling an investment of $5.28 billion. With Bitcoin's recent spike to $42,000, the valuation of MicroStrategy's holdings has surged to approximately $7.3 billion, marking a substantial profit.
This bullish trend in Bitcoin's price has not been witnessed since April 2022, predating the Terra ecosystem crash. During the 2022 bear market, Bitcoin experienced a significant pullback to below $16,000, momentarily putting MicroStrategy's investment in the red. Undeterred, Saylor continued accumulating Bitcoin, utilizing a combination of debt and equity issuance to fund the purchases.
On Monday, MicroStrategy (MSTR) shares experienced a 6% surge, reflecting the positive impact of Bitcoin's recent price rally. The company's strategic Bitcoin investment has proven to be a lucrative move amid the volatile cryptocurrency market.
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