Home CoinNews MicroStrategy becomes profitable on Bitcoin bet as BTC surges past $30k

MicroStrategy becomes profitable on Bitcoin bet as BTC surges past $30k

by CoinNews

MicroStrategy‘s $4 billion Bitcoin (BTC) bet turned profitable on June 21 after the cryptocurrency’s value surpassed the firm’s average purchase price of $29,803 for the first time in almost two months, according to CryptoSlate’s data.

According to a May 1 filing with the U.S. Securities and Exchange Commission, MicroStrategy holds about 140,000 Bitcoin acquired at an aggregate purchase price of $4.17 billion and an average purchase price of approximately $29,803 per coin.

Microstrategy Bitcoin
MicroStrategy Bitcoin Tracker (Source: Saylortracker)

With Bitcoin trading at $30,245 as of press time, the American company’s BTC holdings are now worth more than $4.2 billion, and it is sitting on over $30 million in unrealized profits from its investment.

Bitcoin’s positive price performance over the past week can be linked to the flurry of spot Bitcoin ETF applications from several traditional financial institutional players like BlackRock, WisdomTree, and Invesco.

This renewed institutional interest returned positive sentiments to the market after the litany of lawsuits filed against major crypto firms like Coinbase and Binance by the SEC.

MicroStrategy remains pro-BTC

MicroStrategy’s executive chairman Michael Saylor is a vocal proponent of Bitcoin.

Saylor recently reiterated his conviction about the asset, saying its market dominance could reach 80% in the long term if regulators continue their crackdown on other cryptocurrencies.

On Twitter, he has also continued making comments on the significance of Bitcoin, discussing its appeal to global citizens seeking wealth preservation while struggling with political volatility, currency debasement, bank instability, and counterparty risk.

Meanwhile, MicroStrategy’s BTC approach has enticed several traditional financial institutions to buy its stocks to gain indirect exposure to the flagship digital asset.

MicroStrategy’s (MSTR) shares are up more than 127% on a year-to-date basis and are trading at $331 as of press time.

The post MicroStrategy becomes profitable on Bitcoin bet as BTC surges past $30k appeared first on CryptoSlate.

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