A Quick Turn in Fortune
Microstrategy, the largest corporate holder of Bitcoin, has seen a significant increase in its Bitcoin holding position. Just 11 months ago, when the price was under $16,000, Michael Saylor, Executive Chairman of Microstrategy, faced criticism for his company’s bitcoin holding. However, the situation has drastically changed.
Unrealized Gains
According to the International Business Times, Microstrategy and its subsidiaries now hold an average of 158,245 BTC, amounting to approximately $4.82 billion at the current price. This translates to unrealized gains of around $174 million since the bitcoin price surpassed $30,000.
The regulatory filing from September reveals that Microstrategy purchased the entire holding of 158,245 bitcoins for about $4.68 billion at an average price of approximately $29,582 per bitcoin.
A Strategy of Holding and Purchasing More
In September, Microstrategy bought an additional $147 million worth of bitcoin. Michael Saylor stated earlier in August that their goal is to accumulate as much bitcoin as possible on behalf of their shareholders. With their share price increasing by over 200%, Saylor mentioned the potential sale of shares to acquire more bitcoins. Their strategy involves leveraging long-term positions and actively managing acquisitions and financings to benefit shareholders.
Hot Take: Promising Future Ahead
With the bitcoin price reaching a new local high of around $31,000 and Microstrategy shares performing well at $348, Michael Saylor and his company have a promising outlook heading into 2024.
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