Here’s How Much Unrealized Profits MicroStrategy Sits on Amid Ongoing Bitcoin (BTC) Rally
TL;DR
- Holding 158,245 BTC, MicroStrategy’s unrealized profit is around $750 million with an average cost below $30K per BTC.
- In November 2021, the company’s unrealized profits peaked at $3.5 billion when Bitcoin was near $70,000.
- Michael Saylor, MicroStrategy’s Executive Chairman, champions Bitcoin for its inflation protection and once forecasted a $1 million valuation for the cryptocurrency.
Patience is a Virtue
Bitcoin’s recent spike towards $35,000 (a level unseen since May 2022) has been embraced by bulls and investors who held their positions throughout the prolonged bear market.
One such entity that had to wait for better days to see its BTC bet turning profitable is the American business intelligence company – MicroStrategy. Data presented by Lookonchain outlined every purchase of the firm since July 2021, showing that its total holdings currently stand at 158,245 BTC.
Calculated at ongoing rates, the stash equals over $5.4 billion, meaning that MicroStrategy sits on an unrealized profit of approximately $750 million.
According to the Web3 data analysis tool, MicroStrategy has purchased 28,560 BTC since May 2022 at an average valuation of $25,707, whereas the average price of its total holdings is a little less than $30K.
Despite the improved situation, the organization’s BTC bet is far from its glory days in November 2021. Back then, the primary cryptocurrency exploded to almost $70,000, while MicroStrategy was sitting on nearly $3.5 billion in unrealized profits.
Michael Saylor’s Pro-Bitcoin Stance
When touching upon MicroStrategy and its Bitcoin strategy, one should mention its Executive Chairman – Michael Saylor. The American is among the biggest proponents of the leading digital asset and often praises its advantages.
In his view, the maximum supply cap of 21 million coins ever to exist makes BTC a great shield against inflation. As such, he had previously advised the residents of countries with shuttered economies and devaluating fiat currencies to shift their focus on the asset.
Saylor has also laid out multiple Bitcoin price predictions. In April last year, he suggested the cryptocurrency could blast to the $1 million level.
We recently released a video depicting the top five forecasts coming from experts. Those willing to find out more can click on the clip below:
The post Here’s How Much Unrealized Profits MicroStrategy Sits on Amid Ongoing Bitcoin (BTC) Rally appeared first on CryptoPotato.
