{"id":183488,"date":"2023-11-10T13:39:28","date_gmt":"2023-11-10T13:39:28","guid":{"rendered":"https:\/\/precoinnews.com\/?p=183488"},"modified":"2023-11-10T13:39:28","modified_gmt":"2023-11-10T13:39:28","slug":"microstrategys-bitcoin-holdings-near-1-1-billion-in-profit-amid-price-rally","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/bitcoin\/microstrategys-bitcoin-holdings-near-1-1-billion-in-profit-amid-price-rally\/","title":{"rendered":"MicroStrategy's Bitcoin Holdings Near $1.1 Billion In Profit Amid Price Rally"},"content":{"rendered":"

Bitcoin’s surge to around $37,900 on Thursday has turned MicroStrategy’s multibillion-dollar bet on the flagship cryptocurrency into a massive profit of more than $1 billion.<\/p>\n

Bitcoin’s recent price surge marks a remarkable turnaround following a turbulent period in the cryptocurrency market. Last November, it plummeted to approximately $15,600 following the collapse of Terra’s algorithmic UST stablecoin, which had a domino effect on various cryptocurrency firms, including FTX, Three Arrows Capital and Celsius.<\/p>\n

This year’s remarkable recovery of Bitcoin, with a year-to-date gain of just over 100%, is primarily attributed to growing optimism surrounding the potential approval of a spot Bitcoin exchange-traded fund (ETF) as ballooning inflation. This price surge has translated into substantial gains for MicroStrategy, one of the most prominent corporate holders of Bitcoin.<\/p>\n

According to data from \u201cSaylor Tracker\u201d, a platform that records Microstrategy\u2019s Bitcoin acquisitions, the company’s holdings had accrued a substantial paper profit of approximately $1.08 billion as of November 10.<\/p>\n

Notably, the firm, the largest public holder of Bitcoin, currently holds a total of 158,400 BTC for $4.73 billion. This means that MicroStrategy now commands approximately 0.75% of Bitcoin’s circulating supply.<\/p>\n

<\/p>\n

Moreover, as of their most recent Bitcoin acquisition on October 31, MicroStrategy placed the average purchase price per coin at $29,874. With Bitcoin trading at $36,980 at press time, this reflects an impressive 19.29% gain on each of its coins.<\/p>\n

Meanwhile, MicroStrategy’s foray into Bitcoin has not only resulted in substantial cryptocurrency gains but has also significantly bolstered its stock performance, with shares soaring by approximately 215% over this year.<\/p>\n

Michael Saylor, the outspoken Executive Chair of MicroStrategy, has recently reiterated his belief in the cryptocurrency’s role as a revolutionary monetary network, emphasizing that it\u2019s a superior long-term investment and a reliable hedge against inflation.<\/p>\n

“Bitcoin offers corporations an innovative strategy to preserve their capital and create shareholder value by leveraging their balance sheets with $BTC, providing an escape from the destructive cycle of expensive acquisitions, buybacks, dividends, & debt.” <\/em>Saylor told CNBC last Saturday.<\/p>\n

Previously, Saylor has also emphasized the company’s resolve to continue accumulating and holding Bitcoin, including through the sale of company stock to fund BTC purchases.<\/p>\n

That said, despite MicroStrategy’s investment in Bitcoin proving to be a financial rollercoaster, the latest price surge has propelled its holdings into impressive profitability, with the future looking bright for the top cryptocurrency amid continued institutional backing. <\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin’s surge to around $37,900 on Thursday<\/p>\n","protected":false},"author":3,"featured_media":183487,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47],"tags":[],"yoast_head":"\nMicroStrategy's Bitcoin Holdings Near $1.1 Billion In Profit Amid Price Rally - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/bitcoin\/microstrategys-bitcoin-holdings-near-1-1-billion-in-profit-amid-price-rally\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MicroStrategy's Bitcoin Holdings Near $1.1 Billion In Profit Amid Price Rally - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Bitcoin’s surge to around $37,900 on Thursday\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/bitcoin\/microstrategys-bitcoin-holdings-near-1-1-billion-in-profit-amid-price-rally\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-10T13:39:28+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2023\/11\/MicroStrategys-Bitcoin-Holdings-Near-1.1-Billion-In-Profit-Amid-Price-Rally-.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/bitcoin\/microstrategys-bitcoin-holdings-near-1-1-billion-in-profit-amid-price-rally\/\",\"url\":\"https:\/\/precoinnews.com\/bitcoin\/microstrategys-bitcoin-holdings-near-1-1-billion-in-profit-amid-price-rally\/\",\"name\":\"MicroStrategy's Bitcoin Holdings Near $1.1 Billion In Profit Amid Price Rally - 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