Key Takeaways
- Bitcoin is currently trading at around $30,000.
- The average acquisition cost per BTC of MicroStrategy is $29,803.
- The firm holds 140,000 BTC, worth more than $4.2 billion today.
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Michael Saylor, co-founder of MicroStrategy, is now making a profit from his Bitcoin position. Bitcoin is currently trading at $30,200, surpassing the average cost of purchase of $29,803 per BTC.
$4.2 Billion in BTC
The recent BTC bull run is a welcome development for its ardent supporters, one of whom is Saylor. The price of the world’s largest cryptocurrency by market cap surged past the $30,000 mark last night, a level not seen since June 2022.
MicroStrategy designs business intelligence software. In August 2020, Saylor, who was then CEO, declared that the company had started converting its cash reserves into Bitcoin, citing inflation worries. Saylor kept buying BTC despite a sharp decline in its price and even went so far as to encourage others to take out a mortgage to purchase more Bitcoin.
In March this year, MicroStrategy purchased 6,455 BTC at an average cost of $23,238 each. The following week, the company added another 1,045 BTC for about $29 million at an average price of $28,016 per bitcoin. As of today, the company holds 140,000 BTC, valued at more than $4.2 billion.
Saylor resigned from his position as CEO of MicroStrategy in August 2022, but still serves as executive chairman. He is now focusing on Bitcoin acquisition and related efforts to propagate the cryptocurrency.
Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and several other crypto assets.
