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MicroStrategy’s ownership of Bitcoins became profitable once again as Bitcoin surpassed the $30,000 level. This sudden increase in the price of the cryptocurrency was driven by renewed hopes of SEC ETF approval and the recent dismissal of charges against two Ripple executives in the XRP case, leading to optimism in the market.
Strategic Bitcoin Investments Yield Noticeable Profits
MicroStrategy recently made a new Bitcoin purchase. This purchase took place at the end of September. The company spent approximately $147.3 million to acquire 5,445 BTC at an average price of $27,053.
As the cryptocurrency market shows signs of revival, this strategic move appears to be wise. Since then, MicroStrategy has made a profit of approximately $3,000 per coin.
Considering MicroStrategy’s total Bitcoin holdings, the average cost per coin was estimated to be around $29,582. According to the “Saylor Tracker” data, the company has made an impressive profit of $14,941,479.68.
BTC Rises, MicroStrategy Stock Soars
This positive market sentiment has benefited MicroStrategy in another way. MicroStrategy’s (NASDAQ: $MSTR) stock experienced a net increase of 5.69% on Friday. As a result, the stock price was trading at $348.04.
Known for its investments in Bitcoin, MicroStrategy is currently a leading institutional company supporting Bitcoin under the guidance of Michael Saylor. According to recent reports, MicroStrategy holds an impressive crypto asset of 158,245 BTC, with a total value exceeding $4.69 billion.
MicroStrategy’s ownership of Bitcoin puts it ahead of its publicly traded corporate rivals, such as Marathon Digital and Galaxy Digital, who own 13,286 and 12,525 BTC, respectively, according to data from “Buy Bitcoin Worldwide”.
Increasing Corporate Interest
In conclusion, the increase in the value of Bitcoin combined with MicroStrategy’s impressive financial gains highlights the growing importance of cryptocurrencies in the corporate world.
Furthermore, MicroStrategy’s unwavering trust in Bitcoin as a treasury reserve and Saylor’s increasing number of BTC holdings not only demonstrate their future-oriented approach but also position the company as a leader in the evolving cryptocurrency financial landscape. The news of a potential Bitcoin ETF approval from the SEC could trigger an unexpected increase in corporate interest in crypto assets.
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