MicroStrategy, the leading business intelligence software company and the largest publicly traded institutional investor in Bitcoin (BTC), has seen its unrealized gains surpass $1.1 billion, which is 25% higher than its cumulative investments, thanks to the recent surge in Bitcoin’s price. As of November 10, 2023, the company holds over 158,000 BTC.
MicroStrategy’s Bitcoin Investments Cost $4.6 Billion
MicroStrategy, founded by Chairman Michael Saylor, who is known for his frequent support for Bitcoin, has seen its Bitcoin holdings reach $5.7 billion on November 9, as Bitcoin’s price surpassed $37,000 for the first time since May 2022.
With funds from the company’s treasury and proceeds from bond sales, MicroStrategy currently holds 158,400 BTC as of November 10, 2023. The value of the company’s BTC holdings is now more than 80% of MicroStrategy’s $7.1 billion market capitalization. According to data from Bitcoin Treasuries, the cost of these assets is a total of $4.6 billion. This figure is 10 times higher than Marathon Digital, the next largest institutional Bitcoin investor, which holds 13,000 BTC worth $500 million at current prices.
MicroStrategy’s most recent publicly known Bitcoin purchase took place in the weeks before September 24, with a total value of just under $150 million or 5,445 BTC at an average price of $27,053 per BTC.
Expectations for Spot Bitcoin ETF Approval Increasing
Bitcoin has been on the rise as expectations grow that the U.S. Securities and Exchange Commission (SEC) will approve one of the 12 spot exchange-traded fund (ETF) applications currently pending.
Some experts believe that this move could further increase investments in Bitcoin. These expectations have been strengthened following the announcement on Wednesday that the SEC has begun discussions on Grayscale Investments’ application to convert its Bitcoin trust to a spot Bitcoin ETF.
