Bitcoin

April

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 Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noreferrer noopener" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.
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<p class="has-drop-cap">MicroStrategy’s stock is trading at $325.5 per share, bringing its year-to-date (YTD) gains to 122%. The firm is <a aria-label="the largest corporate holder of Bitcoin (opens in a new tab)" href="https://buybitcoinworldwide.com/microstrategy-statistics/" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">the largest corporate holder of Bitcoin</a>, which recently crossed the $30,000 threshold amid reignited institutional demand. MicroStrategy’s average price for its 140k bitcoin holdings is approximately $29,803.</p> 
<h3 id="microstrategy-s-btc-holdings-turn-profitable">MicroStrategy’s BTC Holdings Turn Profitable</h3> 
<p>Shares of MicroStrategy, the business intelligence firm founded by Bitcoin maximalist Michael Saylor, have soared roughly 122% in 2023. The surge is driven by a remarkable recovery in the price of Bitcoin, in which MicroStrategy holds the largest corporate stake.</p> 
<p>When writing, MicroStrategy’s shares were trading at $325.5, slightly down at the Thursday market opening. At the beginning of the year, the stock stood at $145.02 per share. MicroStrategy’s market cap year-to-date doubled from $1.72 billion to $4.29 billion.&nbsp;</p> 
<p>Despite Bitcoin’s woes last year, MicroStrategy continued making aggressive bets on the world’s leading crypto coin. Its last Bitcoin purchase was <a href="https://tokenist.com/microstrategy-now-holds-1-in-every-150-btc-with-seemingly-no-exit-strategy/" rel="dofollow" class="deco-link">disclosed on April 5</a>, when the firm acquired 1,045 BTC, propelling its total holdings to 140,000 BTC, worth $4.23 billion at current prices.</p> 
<p>In its Q1 report published in May, MicroStrategy <a href="https://tokenist.com/microstrategys-impairment-on-btc-investment-fell-by-178m-in-q1/" rel="dofollow" class="deco-link">revealed an $18.9 million loss</a> on its Bitcoin holdings. However, with the latest price surge to $30,246, the firm’s BTC holdings have become profitable. Bitcoin’s price is up more than 81% year-to-date.</p> 
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<h3 id="btc-surges-past-30-000-amid-growing-institutional-interest">BTC Surges Past $30,000 Amid Growing Institutional Interest</h3> 
<p>On June 21, Bitcoin finally reclaimed the $30,000 price level, driven by a newly-formed hype around spot Bitcoin exchange-traded funds (ETFs). Earlier this week, the largest global asset manager BlackRock filed to launch a spot Bitcoin ETF. This move was mimicked by several other traditional finance (TradFi) players, including Invesco, WisdomTree, and Valkyrie Investments.&nbsp;</p> 
<p>If approved, regulated spot Bitcoin ETFs managed by Wall Street giants such as BlackRock could bring fresh institutional interest in crypto. Such a scenario would drastically improve investor sentiment toward BTC and drive its price further.</p> 
<p>In the meantime, the US regulators continue to cling down on independent digital asset exchanges and crypto-related firms, with the US Securities and Exchange Commission (SEC) <a href="https://tokenist.com/sec-sues-us-based-crypto-exchange-coinbase/" rel="dofollow" class="deco-link">leading the charge</a>.</p> 
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<p><em><strong>At what price level do you think Bitcoin will end the year, given the renewed institutional demand? Let us know in the comments below.&nbsp;</strong></em></p> 
<p>The post <a rel="nofollow" href="https://tokenist.com/microstrategys-shares-up-122-ytd-as-bitcoin-hovers-near-30k/">MicroStrategy’s Shares Up 122% YTD as Bitcoin Hovers Near $30k</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

MicroStrategy’s Shares Up 122% YTD as Bitcoin Hovers Near $30k

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