Cryptocurrency

Jerome Powell

Chair

Bitcoin

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 <p class="paragraph">Three years ago, Michael Saylor, the visionary co-founder of MicroStrategy, unveiled a ‘Bitcoin Initiative’ – a corporate strategy aimed at acquiring and steadfastly holding Bitcoin (BTC).</p> 
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 <p class="paragraph">Since then, MicroStrategy has been steadily accumulating BTC regardless of market conditions, becoming the largest publicly listed corporate holder of the maiden cryptocurrency.</p> 
 <p class="paragraph">Last month, Saylor’s company continued its aggressive approach, buying an additional 5,445 BTC for around $150 million, a regulatory filing published on September 25 revealed. The average purchase price for this <a rel="dofollow" title="investment" href="https://thebittimes.com/tag/investment.html">investment</a> was around $27,053 per BTC, the company said in the filing.&nbsp;</p> 
 <p class="paragraph">The move brought MicroStrategy’s total BTC holdings to around 158,245 coins, with an aggregate buy price of $4.68 billion and an average purchase price per Bitcoin of $29,582.&nbsp;</p> 
 <h2 class="wp-block-heading" id="h-microstrategy-s-bitcoin-investment-unprofitable">MicroStrategy’s Bitcoin investment unprofitable</h2> 
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 <p class="paragraph">With its latest purchase, MicroStrategy significantly increased its exposure to Bitcoin, and now owns more than 0.75% of the cryptocurrency’s total supply of 21 million coins.</p> 
 <p class="paragraph">However, the company’s total BTC <a rel="dofollow" title="investment" href="https://thebittimes.com/tag/investment.html">investment</a> is not profitable for the time being.</p> 
 <p class="paragraph">Notably, the <a rel="dofollow" title="investment" href="https://thebittimes.com/tag/investment.html">investment</a> is posting over $500 million in unrealized losses as BTC continues to trade around $26,200 – notably lower than MicroStrategy’s average buy price per coin.&nbsp;</p> 
 <h2 class="wp-block-heading" id="h-bitcoin-price-analysis">Bitcoin price analysis</h2> 
 <p class="paragraph">At the time of writing on September 26, Bitcoin was changing hands at $26,268, up 0.6% in the past 24 hours. Over the past week, however, the crypto asset lost around 2.7% of its value.</p> 
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  <img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh3.googleusercontent.com/DHO3RiLBdZpme2raIIzXPv7C3iTN85OP1_IKKDWAJQa1Q_t1CVjSf3yOnZqF8EVF3DKMS0dhR0Csn-EBflogsDuw1t_sedgYMenrgIfeX5v2UbLfncEOUQsBeap_bW4jKqV-A4OqK_Bt2djxG11KGNc" alt>
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   BTC 1-week price chart. Source: Finbold
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 <p class="paragraph">Year-to-date, BTC remains nearly 60% higher, outperforming the majority of the top 10 cryptocurrencies by market cap.</p> 
 <p class="paragraph">Bitcoin, along with digital assets, has been struggling to stage a significant price breakout over the past several weeks as investors remain cautious amid a lack of positive sentiment.&nbsp;</p> 
 <p class="paragraph">The uncertainty around the Federal Reserve’s future monetary policy decisions and the SEC’s verdict on various spot Bitcoin exchange-traded fund (ETF) applications has forced investors to stay defensive.</p> 
 <p class="paragraph">Last week, the Fed left interest rates unchanged for this month; however, Chair Jerome Powell suggested the bank would consider additional hikes in 2023 if necessary.&nbsp;</p> 
 <p class="paragraph"><strong><em>Disclaimer</em></strong><em>: The content on this site should not be considered <a rel="dofollow" title="investment" href="https://thebittimes.com/tag/investment.html">investment</a> advice. Investing is speculative. When investing, your capital is at risk.</em></p> 
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/here-s-how-much-microstrategy-is-down-on-its-bitcoin-investment-tbt64020.html">https://thebittimes.com/here-s-how-much-microstrategy-is-down-on-its-bitcoin-investment-tbt64020.html</a></p>

Here’s how much MicroStrategy is down on its Bitcoin investment

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