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Here’s How MicroStrategy’s Bitcoin Strategy Is Going

MicroStrategy’s Bitcoin holdings are now in profit again. MicroStrategy is well known to be one of the largest Bitcoin buyers in recent years. The company is such a believer in Bitcoin that it sold some of its stocks to increase its Bitcoin holdings. This would seem extreme to some investors, but as suggested by recent price action, MicroStrategy’s Bitcoin strategy seems to be paying off. 

How MicroStrategy’s Bitcoin Strategy Is Going

MicroStrategy started investing in Bitcoin in 2020, becoming one of the first companies to do so. The firm started by buying $250 million worth of Bitcoin in August 2020 and hasn’t slowed down since. In its latest move, MicroStrategy acquired approximately 5,445 Bitcoins for approximately $147.3 million between August 1, 2023, and September 24, 2023. According to the company’s purchase filing, as of September 24, 2023, MicroStrategy owns approximately 158,245 Bitcoins bought at an approximate price of $4.68 billion.

On the other hand, Bitcoin has had one of the strongest advances in the crypto market in recent weeks and is now trying to build a strong momentum over $30,000. At the time of writing, Bitcoin is up by 11.08% in a seven-day timeframe. Although the cryptocurrency is now trading at $29,838, it crossed over $30,000 in multiple instances during the week. 

Amidst all this upheaval in the market, MicroStrategy’s Bitcoin holdings have taken a turn for the better in terms of profitability. Given that the total Bitcoin holdings of MicroStrategy were purchased at an average of $29,582 per coin, the company has now achieved a total profit of about $67.4 million with Bitcoin at $30,000.

Bitcoin price nearing the $30K level today. Chart: TradingView.com

A Sturdy Bitcoin Approach?

Bitcoin has been on an incredible run over the past year, massively outpacing the stock market and most other mainstream investments. The cryptocurrency is now in a prime position for a price surge in the coming months. Many financial analysts have hinted that a bull run to a new all-time high for the cryptocurrency could be on the horizon, especially as the industry awaits the approval of a spot Bitcoin ETF from the US SEC.

It’s been a while since MicroStrategy’s Bitcoin holdings turned a profit, as Bitcoin has been saddled with various market crashes. According to CryptoQuant data, MicroStrategy benefited massively during the 2021 bull run. But things have been calm since then, with the company only topping up its Bitcoin holdings from time to time. 

As it stands, MicroStrategy stands to benefit more than most companies in the event of a new bull run. If Bitcoin reaches $50,000, MicroStrategy’s holdings would be almost double its current worth. The company will likely keep buying more Bitcoin over time as it plans to make Bitcoin a large percentage of its total assets.

Featured image from ETF Database




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