Key Points:
According to Bloomberg, his company, MicroStrategy, now boasts Bitcoin holdings valued at a staggering $10 billion following the recent surge in prices. The firm’s investment has yielded unrealized gains of nearly 70%, with Bitcoin soaring to over $52,000 per unit.
MicroStrategy disclosed earlier this month that it owns 190,000 Bitcoins, purchased at an average cost of $31,224 each, amounting to a total investment of $5.93 billion. Saylor’s bold move to MicroStrategy Bitcoin holdings balance sheet has drawn admiration, making MicroStrategy a standout among US public companies.
Investors have flocked to MicroStrategy’s stock, viewing it as a more accessible proxy for Bitcoin. The company’s shares have skyrocketed over 500% to around $770, outperforming the S&P 500 by a significant margin since the decision to embrace Bitcoin.
MicroStrategy Bitcoin holdings now surpass the assets in BlackRock‘s ETF, marking a significant milestone in the cryptocurrency’s mainstream adoption. Meanwhile, the Grayscale Bitcoin Trust remains the largest crypto investment vehicle despite recent outflows.
Looking ahead, MicroStrategy stands to gain even more as it plans to adopt a change in accounting by 2025, valuing Bitcoin at market prices. With current prices, this move could result in a windfall of over $6 billion for the company, further solidifying its position as a major player in the cryptocurrency space.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
George Town, Grand Cayman, 22nd November 2024, Chainwire
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