MicroStrategy’s Profit Reached 5.7 Billion Dollars
With the current rise in Bitcoin price, Michael Saylor’s MicroStrategy is definitely one of those firms calculating billions of dollars in unrealized profits.
Continued Rise in Market Sends MicroStrategy’s Profits to Peak
For years, the popular business intelligence and software firm has maintained a Bitcoin strategy that has baffled many observers. MicroStrategy continued to buy Bitcoin without ever reducing the price of the coin. company recently announced A new Bitcoin purchase worth millions.
An additional 3,000 Bitcoin units were purchased between February 15 and 25, according to MicroStrategy’s new filing with the United States Securities Exchange Commission (SEC). Bought for 155.4 million dollars. The last purchase was made at an average price of $51,813 per BTC. This brings the total amount of Bitcoin purchased to 193,000 units at approximately $6.09 billion, at an average price of $31,544 per Bitcoin.
Today, the Bitcoin price is around $61,113, bringing the value of MicroStrategy’s Bitcoin holding to a total of $11.7 billion. Considering the estimated value it holds relative to the current Bitcoin price, the business intelligence software company’s total unrealized profit is $5.7 billion.
One might think this would be a good time for MicroStrategy to sell its assets, but the firm isn’t expected to take off anytime soon. Additionally, Saylor has previously said that “there is no reason to sell winners and buy losers”; This suggested that the company would not sell its Bitcoin holding any time soon.
Bitcoin Price Preparing for Mega Rally After Halving
As for the leading cryptocurrency, the positive momentum it is currently exhibiting could be the beginning of an uptrend. Market experts say the flagship cryptocurrency It rose to $273,000 After the highly anticipated Bitcoin halving event.
It was recently discovered that daily Bitcoin demand is approximately 13 times the miner’s daily production. Considering that the halving event will cause a disruption in the coin’s total supply, the Bitcoin price will likely rise rapidly as demands further exceed supply.
The increased adoption of spot Bitcoin ETFs will also go some way to pushing the Bitcoin price towards a new all-time high (ATH) as this will complement the demand side with multiple institutions looking to enter the asset class through ETF products. .
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Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about real-life applications of blockchain technology and innovations to ensure mainstream acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain-based media and sites. Benjamin Godfrey is a lover of sports and agriculture. follow him excitementLinkedIn
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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