MicroStrategy, the enterprise business firm well-known for its optimistic stance on Bitcoin, witnessed a surge in its stock price, surpassing $500 on last friday.
MicroStrategy, the enterprise business firm well-known for its optimistic stance on Bitcoin, witnessed a surge in its stock price, surpassing $500 on last friday, marking levels not seen since December 2021. Boasting a market capitalization of $7.33 billion, MicroStrategy's profitable approach of holding Bitcoin for the long term has yielded favorable results. Under the guidance of its founder and chairman, Michael Saylor, the company initiated the accumulation of the cryptocurrency as a safeguard against inflation starting in August 2020.
MicroStrategy experienced a doubling of its stock price within a month earlier this year, with its Bitcoin investments consistently appreciating. Currently, the company's Bitcoin holdings have turned profitable, with an average purchase price of $29,803 per coin after acquiring an additional 1,045 Bitcoin. Currently, MicroStrategy possesses approximately 140,000 Bitcoin, valued at approximately $4.4 billion.
Despite reporting a net loss of $143.4 million in its most recent quarterly report, MicroStrategy continued to strengthen its Bitcoin holdings by acquiring 6,067 Bitcoin for $167 million. This accumulation now represents roughly 0.75% of Bitcoin's total circulating supply.
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