Growing Profit for MicroStrategy Amid bitcoin‘s Surge
bitcoin’s recent surge to around $37,900 has resulted in substantial profits for MicroStrategy, one of the leading corporate holders of the cryptocurrency.
A Remarkable Turnaround for bitcoin
bitcoin’s recent price surge marks a remarkable turnaround following a turbulent period in the cryptocurrency market. Last November, it plummeted to around $15,600 following the collapse of Terra’s algorithmic UST stablecoin, which had a domino effect on various cryptocurrency firms.
Reasons for bitcoin‘s Recovery
This year’s remarkable recovery of bitcoin, with a year-to-date gain of just over 100%, is primarily attributed to growing optimism surrounding the potential approval of a spot bitcoin exchange-traded fund (ETF) and ballooning inflation. This price surge has translated into substantial gains for MicroStrategy.
Substantial Profits for MicroStrategy
According to data from “Saylor Tracker”, MicroStrategy’s holdings had accrued a substantial paper profit of approximately $1.08 billion as of November 10. The firm currently holds a total of 158,400 BTC for $4.73 billion, which represents about 0.75% of bitcoin’s circulating supply.
Impressive Gains for MicroStrategy
MicroStrategy placed the average purchase price per coin at $29,874, and with bitcoin trading at $36,980 at press time, this reflects an impressive 19.29% gain on each of its coins.
Cryptocurrency Gains Bolster Stock Performance
MicroStrategy’s foray into bitcoin has significantly bolstered its stock performance, with shares soaring by approximately 215% over this year.
Michael Saylor’s Confidence in bitcoin
Michael Saylor, the Executive Chair of MicroStrategy, has emphasized his belief in bitcoin’s role as a revolutionary monetary network and a reliable hedge against inflation.
Commitment to bitcoin Accumulation
Bright Future for bitcoin
Despite MicroStrategy’s investment in bitcoin proving to be a financial rollercoaster, the latest price surge has propelled its holdings into impressive profitability, with the future looking bright for the top cryptocurrency amid continued institutional backing.
### News source: zycrypto.com