Microstrategy, the largest corporate holder of Bitcoin, is sitting on unrealised gains of well over $100 million for its Bitcoin holding position.
A Quick Turn In Fortune
Microstrategy gains $170M+ on Bitcoin holdings. Many people were mocking Michael Saylor, Executive Chairman of Microstrategy, when the price of Bitcoin dropped below $16,000. At that time, Microstrategy's Bitcoin holdings were in a loss. However, after approximately 11 months, the situation has changed and Microstrategy's Bitcoin holdings are now profitable.
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Unrealised Gains
According to a report by the International Business Times, Microstrategy and its subsidiaries hold an average of 158,245 BTC, which is worth approximately $4.82 billion at today's price. As per the September regulatory filing, the entire holding was purchased for around $4.68 billion, at an average price of approximately $29,582 per bitcoin. The unrealized gains of the order of $174 million were reported once the bitcoin price had surpassed the $30,000 level.
A Strategy Of Holding And Purchasing More
Microstrategy recently purchased $147 million worth of bitcoin in September, adding to their already significant stash. CEO Michael Saylor has expressed a desire to accumulate as much bitcoin as possible on behalf of shareholders. Saylor has also suggested that potential sales of Microstrategy shares could be used to purchase even more bitcoin. The company's strategy involves leveraging long-term positions, offering yields, and actively managing acquisitions and financing opportunities to achieve the best results for shareholders. With bitcoin prices reaching new highs and Microstrategy shares performing well, the future looks promising for Saylor and his company through 2024.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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