Coin Edition -
- MicroStrategy’s Bitcoin investment is now at a $745 million unrealized profit.
- The firm’s Bitcoin holdings flipped into profit following the recent rally.
- Bitcoin surged 17.5% since yesterday following renewed buying frenzy.
Michael Saylor’s MicroStrategy Bitcoin investment is now at a $745 million unrealized profit according to Watcher Guru, the real-time finance coverage platform. Watcher Guru released this information via a recent post on its account on X (formerly Twitter).
JUST IN: Michael Saylor's MicroStrategy #Bitcoin investment is now at a $745 million unrealized profit.— Watcher.Guru (@WatcherGuru) October 24, 2023
According to reports, MicroStrategy’s Bitcoin holdings flipped into profit following the recent rally by the flagship cryptocurrency. A buying frenzy appears to have taken over the market as Bitcoin surged 17.5% since yesterday. The recent rally pushed Bitcoin’s price to $35,198, marking the highest price it has reached since the beginning of 2023, according to data from TradingView.
The investment firm holds a cumulative 158,245 BTC in its portfolio, following active Bitcoin accumulation over the years. Reportedly, the firm’s average purchase price per Bitcoin is $29,870. The institutional investor bought its first Bitcoin in August 2020 and promised to keep stockpiling the pioneer cryptocurrency. MicroStrategy has already added 5,445 Bitcoins to its portfolio so far this year.
Feelers from inside the company suggest that it will remain bullish on Bitcoin. The company’s Chairman and co-founder, Michael Saylor, recently posted via his X account showing Bitcoin’s performance since August 2020. Saylor showed that Bitcoin has gained 147%, dwarfing the returns of other investment products like S&P 500, Nasdaq, Gold, Silver, and Bonds. He followed the post with the statement: “Bitcoin is Stronger.”
#Bitcoin is Stronger. pic.twitter.com/Pn5sphx6Mj— Michael Saylor⚡️ (@saylor) October 20, 2023
Bitcoin has continued its upward movement following false rumors of a spot ETF launch on October 16. The flagship crypto has gained nearly 30% since the move began one week ago, with users anticipating higher price levels ahead of 2024.
As of the time of writing, Bitcoin traded for $34,049 following a slight retracement from the newly achieved yearly high of $35,198.
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