MicroStrategy’s Bitcoin Plan Has Been Nothing But Lucrative – Here’s How Much They Generated

2023-10-24 08:53

As the price of Bitcoin surges, MicroStrategy’s massive bet on the cryptocurrency continues to pay off in spades according to Lookonchain.

The business intelligence firm, led by vocal Bitcoin bull Michael Saylor, holds an astonishing 158,245 bitcoins worth over $5.4 billion as of today. With Bitcoin trading above $34,000, MicroStrategy’s holdings have generated paper profits of approximately $746 million, according to blockchain data analytics firm Lookonchain.

MicroStrategy began buying Bitcoin in August 2020 and has continually added to its stockpile since then, spending a total of $4.7 billion to acquire its current stash. While the company initially took on debt to fund its Bitcoin buying spree, it has more recently relied on issuing new shares.

Between May and September of this year, MicroStrategy scooped up 28,560 more bitcoins for $734 million, lowering its average cost per bitcoin to around $29,582. This judicious move has put the company firmly in the green, even as Bitcoin remains far below its all-time high of $69,000 in November 2021.

With Bitcoin’s price rocketing higher amid growing institutional adoption, MicroStrategy’s big bet seems to be paying off in spectacular fashion. The company has essentially transformed its idle cash reserves into a lucrative Bitcoin treasury—one that keeps appreciating thanks to Bitcoin’s deflationary properties.

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The post MicroStrategy’s Bitcoin Plan Has Been Nothing But Lucrative – Here’s How Much They Generated appeared first on CaptainAltcoin.

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Источник: captainaltcoin.com

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Microstrategy Just Bought Another $1.5 Billion Worth Of Bitcoin, Pushing Stash To 402,100 BTC

Michael Saylor’s MicroStrategy, the largest corporate holder of Bitcoin, is now the owner of nearly 2% of all Bitcoin that will ever be created after again buying the dip. On Monday, the business intelligence firm and “Bitcoin development company” announced that it had purchased even more Bitcoin for approximately $1.

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