In another crucial development in the crypto world, MicroStrategy has acquired 7,420 more $BTC within 6 days. As per Lookonchain, a prominent on-chain analytics provider, this acquisition of $458.2M worth of Bitcoin highlights the platform’s consistent confidence in the chief crypto token for long-term investment, further fortifying its status among the biggest corporate crypto holders.
MicroStrategy bought another 7,420 $BTC($458.2M) at $61,750 in just 6 days!#MicroStrategy currently holds 252,220 $BTC($15.85B), and the average buying price is $39,266.At current prices, the profit is ~$5.95B!https://t.co/Z64jAettCK pic.twitter.com/L0mAKOE19y
— Lookonchain (@lookonchain) September 20, 2024
MicroStrategy Buys 7,420 $BTC Raises Its Unrealized Profit to $5.95B
In a new X post, Lookonchain offered insights into this endeavor. It mentioned that the current Bitcoin holdings of MicroStrategy stand at nearly 252,220 $BTC with a value of $15.85B. The average acquisition of the platform accounts for up to $39,266 for each Bitcoin. This signifies that MicroStrategy has already collected a substantial amount in terms of unrealized profit.
Hence, its profit has reached the $5.95B mark. This huge profit margin displays the efficiency of the aggressive $BTC investment strategy of MicroStrategy which started in 2020’s August. At that time, the platform initially surprised the financial sector by buying 21,454 $BTC.
During the last 4 years, the Bitcoin investments of MicroStrategy have expanded to a great extent. As of the conclusion of the latest purchase of the company, it has expended $9.9B on $BTC. In this respect, it has been gradually growing its holdings simultaneous to the price fluctuation of cryptocurrency. In August this year, MicroStrategy reportedly acquired 169 while affirming a plan to buy $2B more in Bitcoin.
The Aggressive Bitcoin Investments by MicroStrategy Signifies Growing Institutional Confidence
Irrespective of the market volatility, Michael Saylor (the CEO of MicroStrategy) has shown steadfastness concerning his confidence in Bitcoin. He thinks that Bitcoin denotes a superior value storage vehicle that offers a hedge to confront inflation. Lookonchain asserted that, although the future development remains uncertain, MicroStrategy’s continued Bitcoin investments indicate a resilient institutional belief in the potential of Bitcoin.
