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.

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Commitment to bitcoin Accumulation

Saylor has also emphasized the company’s resolve to continue accumulating and holding bitcoin, including through the sale of company stock to fund BTC purchases.

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

By Team