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. 
&nbsp;

MicroStrategy's Bitcoin holdings surpass $10 bln, profit tops $4 bln

FinanceFeeds

Other articles published on Feb 15, 2024

Bitcoin Price Alert: X Account’s Analysis Suggests Sub-$10K Drop – Here’s The Reasoning

Is this the best NFT collection in the world? DCinvestor, NFT Collector

Robinhood’s Q4 Report Raises Concerns Over Young Investors Trading

Zak Westphal's Vision on Fintech's Democratization Potential For Market Trading

Tokn1 Achieves Comprehensive License for Digital Securities, Joining Global Leaders

Bitcoin Price Prediction: BTC Surges More Than 4% As The BlackRock Bitcoin ETF Accumulates $500M ...

Join our free newsletter for daily crypto updates!