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As cryptocurrencies extended gains in Asia trade, Bitcoin rallied to an almost 18-month high. Bitcoin rose more than 6% to $35,198 (approx. Rs 29.2 lakh) on Tuesday (October 24), its highest since May 2022. It surged 10% on Monday in its best session for almost a year. The crypto rally brings ‘good news’ for the bitcoin (BTC) holdings of MicroStrategy as they again turned profitable.
MicroStrategy, a US-based company that provides business intelligence, mobile software, and cloud-based services, has 158,245 bitcoins that have an aggregate purchase price of roughly $4.68 billion. This translates to an average price of $29,582 each. With the October 24 crypto rally, the bitcoin bet for the company is in the green by about $6,000 per coin.
MicroStrategy in ‘green’
Bitcoin on Tuesday, October 24 spiked in price by a notable 11 percent. For the first time this year, the value of Bitcoin rose to the mark of $33,623 (roughly Rs. 27.9 lakh). In fact, Bitcoin has now attained its 16-month high with today’s pricing. The optimism among community members around the US’ expected approval of BTC ETFs is fuelling the market with hope. Over the last day, the value of BTC rose heavily by $3,356 (roughly Rs. 2.78 lakh).
MicroStrategy’s founder and chairman Michael Saylor started buying Bitcoin in 2020. A strong supporter of Bitcoin and buyer has termed Bitcoin as digital gold. He said that the asset would provide the best returns for shareholders.
Bitcoin’s value peaked in November 2021, however, it dropped by nearly 80% in 2022 bringing down the company’s fortunes. The company sold 708 bitcoins in December 2022, worth $11 million at the time. It ramped up purchases in 2023 and bought 5,445 Bitcoins for about $150 million.
MicroStrategy, a US-based company that provides business intelligence, mobile software, and cloud-based services, has 158,245 bitcoins that have an aggregate purchase price of roughly $4.68 billion. This translates to an average price of $29,582 each. With the October 24 crypto rally, the bitcoin bet for the company is in the green by about $6,000 per coin.
MicroStrategy in ‘green’
Bitcoin on Tuesday, October 24 spiked in price by a notable 11 percent. For the first time this year, the value of Bitcoin rose to the mark of $33,623 (roughly Rs. 27.9 lakh). In fact, Bitcoin has now attained its 16-month high with today’s pricing. The optimism among community members around the US’ expected approval of BTC ETFs is fuelling the market with hope. Over the last day, the value of BTC rose heavily by $3,356 (roughly Rs. 2.78 lakh).
MicroStrategy’s founder and chairman Michael Saylor started buying Bitcoin in 2020. A strong supporter of Bitcoin and buyer has termed Bitcoin as digital gold. He said that the asset would provide the best returns for shareholders.
Bitcoin’s value peaked in November 2021, however, it dropped by nearly 80% in 2022 bringing down the company’s fortunes. The company sold 708 bitcoins in December 2022, worth $11 million at the time. It ramped up purchases in 2023 and bought 5,445 Bitcoins for about $150 million.
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