The recent increase in the price of Bitcoin has done wonders to reestablish the community's faith in the leading cryptocurrency. But, one shareholder in particular, Michael Saylor's Microstrategy, welcomed the raise. When Saylor made the decision to buy #BTC as an inflation hedge in August 2020, the IT company went all-in.
Under the leadership of Michael Saylor, a Bitcoin maximalist, #Microstrategy has bought 132,500 BTC with a staggering $4.03 billion book value. The acquisitions cost, on average, $30,397. The Bitcoins were bought through a number of loan agreements and bond issues.
The recent 44% gain in Bitcoin's price over the last week has reportedly taken Microstrategy's BTC bet closer to its breakeven price of $30,137, according to a recent tweet by DB Newswire. Michael Saylor's Bitcoin holdings are currently worth more than $3.7 billion. The current P&L of the Bitcoin acquisition is $285 million at -7.15%.
The price of Microstrategy's stock has increased as a result of the #bitcoin price surge. From the start of BTC's climb on March 10, the stock has increased by more than 13%. The stock, which is presently trading at $267, frequently tracks the ups and downs of the leading cryptocurrency.