Nothing

Bitcoin

<p>As the price of Bitcoin surges, MicroStrategy’s massive bet on the cryptocurrency continues to pay off in spades according to <a href="https://twitter.com/lookonchain/status/1716671100569170300?t=Imgi_o0XcVIK-iEWk5LfXw&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">Lookonchain</a>.</p>
<p>The business intelligence firm, led by vocal Bitcoin bull Michael Saylor, holds an astonishing 158,245 bitcoins worth over $5.4 billion as of today. With Bitcoin trading above $34,000, MicroStrategy’s holdings have generated paper profits of approximately $746 million, according to blockchain data analytics firm Lookonchain.</p>
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<p>MicroStrategy began buying Bitcoin in August 2020 and has continually added to its stockpile since then, spending a total of $4.7 billion to acquire its current stash. While the company initially took on debt to fund its Bitcoin buying spree, it has more recently relied on issuing new shares.</p>
<p>Between May and September of this year, MicroStrategy scooped up 28,560 more bitcoins for $734 million, lowering its average cost per bitcoin to around $29,582. This judicious move has put the company firmly in the green, even as Bitcoin remains far below its all-time high of $69,000 in November 2021.</p>
<p>With Bitcoin’s price rocketing higher amid growing institutional adoption, MicroStrategy’s big bet seems to be paying off in spectacular fashion. The company has essentially transformed its idle cash reserves into a lucrative Bitcoin treasury—one that keeps appreciating thanks to Bitcoin’s deflationary properties.</p>
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<p>The post <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com/microstrategys-bitcoin-plan-has-been-nothing-but-lucrative-heres-how-much-they-generated/">MicroStrategy’s Bitcoin Plan Has Been Nothing But Lucrative – Here’s How Much They Generated</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

MicroStrategy’s Bitcoin Plan Has Been Nothing But Lucrative – Here’s How Much They Generated

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