MicroStrategy’s decision to invest in Bitcoin has paid off handsomely, with the company now sitting on an impressive $60 million unrealized gain, highlighting the potential of cryptocurrency as a lucrative investment avenue.
Michael Saylor, the CEO of MicroStrategy, made a bold move by investing in Bitcoin, and it seems to be paying off. Despite the cryptocurrency’s price decline this year, MicroStrategy has accumulated a significant amount of bitcoins. As of June 28, 2023, the company has purchased 152,000 bitcoins for $4.52 billion. With the current price of bitcoin at around $29,865, MicroStrategy is sitting on unrealized gains of over $60 million.
This impressive result validates Saylor’s long-term investment strategy, which involves holding onto bitcoin despite its extreme volatility. Even during the crypto bear market, MicroStrategy continues to acquire more bitcoin when opportunities arise. In April and June of this year, when bitcoin was trading near $30,000, the company bought thousands of bitcoins. Despite being down 56% from its all-time highs, bitcoin has still significantly increased in value from MicroStrategy’s average purchase price. Overall, the company’s bitcoin holdings have appreciated over $1 billion.
Recently, BTC has experienced a surge of over 11% in the last seven days, following the news about Ripple. The coin reached a high of $30,000 before falling to its current price. With the crypto markets appearing to stabilize in recent weeks, MicroStrategy is firmly holding onto its bitcoin stash. Instead of reducing exposure, Saylor is considering how to raise additional capital to buy more bitcoins.
Michael Saylor’s big bet on Bitcoin has proven to be a smart move for MicroStrategy. Despite the cryptocurrency’s price decline, the company’s bitcoin holdings have seen substantial gains. This success highlights the importance of a long-term investment strategy and the potential for significant returns in the volatile world of cryptocurrencies.