Bitcoin

The company, which is the largest corporate holder of bitcoin, last reported that its stash amounted to 190,000 bitcoins. With <a href="https://financefeeds.com/bitcoin-just-shy-of-52000-market-cap-tops-1-trillion/">bitcoin's price</a> hitting $52,803 in early trading, the value of MicroStrategy's holdings has nearly doubled year-to-date. 
In a recent update by Michael Saylor, MicroStrategy's founder and chairman, the company disclosed the purchase of an additional 850 bitcoins in January for $37.2 million. This acquisition is part of the company's ongoing strategy to increase its bitcoin holdings, a practice it has maintained each quarter since its first bitcoin purchase in the Q2 2020. 
By the end of January, <a href="https://financefeeds.com/microstrategy-adds-14620-bitcoins-paper-profit-hits-2-2-billion/">MicroStrategy's investment</a> in bitcoin stood at a total cost of $5.93 billion, averaging $31,224 per bitcoin. The recent surge in bitcoin's price, which has rallied more than 20% in 2024, has not only pushed the company's holdings above $10 billion but also doubled its profit to more than $4 billion from nearly $2 billion in December last year. 
Saylor attributed the rising bitcoin prices to the market's positive reaction to the listing of <a href="https://financefeeds.com/fidelity-amends-bitcoin-etf-proposal-as-sec-reportedly-offers-guidance/">spot bitcoin ETFs</a>, suggesting that the introduction of these financial products has corrected a long-standing imbalance in bitcoin's supply and demand dynamics. This adjustment, he implies, has been driven by a decade-long demand for a retail-accessible bitcoin product, further fueling the cryptocurrency's price increase. 
Earlier in January, Michael Saylor sold $216 million worth of his shares in the business software company as part of a plan to exercise stock options granted in 2014 and to acquire additional Bitcoin for his personal account. 
Saylor’s decision to sell the shares and&nbsp;<a href="https://financefeeds.com/microstrategy-gets-205-million-loan-buy-bitcoin/">purchase Bitcoin</a>&nbsp;aligns with his long-standing advocacy for the primary cryptocurrency. He has been a vocal proponent of Bitcoin since reversing his initial skepticism in 2013. 
Saylor’s personal Bitcoin holdings are also substantial. He revealed in a 2020 tweet that he had acquired 17,732 BTC at an average purchase price of $9,882. At current prices, his holdings are worth over $900 million, placing him among the top Bitcoin addresses. 
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MicroStrategy's Bitcoin holdings surpass $10 bln, profit tops $4 bln

FinanceFeeds

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