The post MicroStrategy’s Bitcoin Portfolio Soars Past $5 Billion As BTC Holds Firm At $34,000 appeared on BitcoinEthereumNews.com.

In a remarkable turn of events for the business intelligence (BI) company MicroStrategy, the recent bullish momentum of Bitcoin (BTC) has resulted in significant profits and a resurgence for the company.  MicroStrategy has returned on a profitable trajectory after a prolonged period of market downturn and losses suffered by companies with cryptocurrency holdings. MicroStrategy’s Bitcoin Holdings Surge  Just a month ago, MicroStrategy and its subsidiaries made a strategic move by increasing their BTC holdings. According to a filing with the US Securities and Exchange Commission (SEC), the company, co-founded by renowned investor Michael Saylor, added 5,455 BTC to their portfolio, valued at $147 million. As of the time of writing, MicroStrategy’s Bitcoin holdings stand at a staggering 158,245 BTC, with a total valuation of approximately $4.68 billion.  Over the past 24 hours, Bitcoin has experienced a remarkable upswing, breaking through a long consolidation phase above $27,000 and reaching a new 2023 high. With a significant surge of 12.2%, BTC peaked at $35,300. This surge has unlocked substantial unrealized profits for MicroStrategy. According to Lookonchain, MicroStrategy’s Bitcoin holdings have generated an estimated unrealized profit of around $746 million.  With BTC’s skyrocketing price, MicroStrategy’s strategic accumulation of 28,560 BTC since May 2022, at an average price of $25,707, has proven profitable.  Microstrategy’s BTC acquisitions since 2021. Source: Lookonchain on X. MicroStrategy’s success in capitalizing on the recent price surge of Bitcoin highlights the company’s strategic approach and belief in the long-term value of the cryptocurrency.  By significantly increasing their Bitcoin holdings, MicroStrategy has positioned itself to benefit from BTC’s continued growth and adoption. BTC Bears Crushed As $300 Million In Shorts Liquidated The cryptocurrency market witnessed a stunning surge, resulting in a staggering $100 billion addition to its total market capitalization within a single day. This rapid ascent also triggered a wave…

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Filed under: News - @ October 25, 2023 2:26 am