MicroStrategy's Bitcoin Investment Yield Significant Gains
MicroStrategy's ownership of Bitcoin became profitable once again as bitcoin surpassed $30,000 level. This sudden increase in the price of the cryptocurrency was driven by renewed hopes of SEC ETF approval with 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 sign 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 $14,941,478.68.
