Tech company MicroStrategy has expanded its Bitcoin (BTC) holdings to a total of 174,530 BTC, valued at about $6.65 billion.
Tech company MicroStrategy has expanded its Bitcoin (BTC) holdings to a total of 174,530 BTC, valued at about $6.65 billion.
MicroStrategy's founder and chairman, Michael Saylor, announced on Twitter that the company recently acquired an additional 16,130 BTC for $593.3 million, bringing the total cost of their Bitcoin investment to $5.33 billion. This means that MicroStrategy is currently sitting on an unrealized profit of 25.3%, or approximately $1.35 billion.
MicroStrategy became the largest corporate holder of Bitcoin after entering the market in August 2020 during the COVID-19 pandemic. Saylor, who was CEO at the time, advocated for Bitcoin as a hedge against inflation and a means to maximize shareholder returns, given the company's significant cash reserves. Saylor also consistently highlights Bitcoin's superiority over real estate and gold, as a reliable store of value and an appealing long-term investment asset with greater potential for appreciation compared to holding cash.
This strategy has proven successful so far, with MicroStrategy's stock surging by 238% since adopting the "Bitcoin standard." Saylor has emphasized that investing in MicroStrategy shares provides exposure to the cryptocurrency market.
MicroStrategy's stock, listed as MSTR on the Nasdaq, is currently priced at $498.30 per share, reflecting a 1.74% decrease from the previous day. However, the shares are up 16.79% over the past month.
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