Bitcoin Rises To $41,000: How Much Profit Has Microstrategy Made On Its BTC Bet?
December 05 2023 - 12:00PM
NEWSBTC
MicroStrategy has become one of the top gainers of the recent
Bitcoin bullish trend, and the analytics provider has secured
billions in gains after disregarding naysayers to make a
long-running bet on Bitcoin. MicroStrategy Massive Bitcoin Bet Hits
Gold Leading provider of enterprise analytics and mobility
software, MicroStrategy is riding the early wave of the anticipated
Bitcoin bull run. The analytics provider has seen the profit on its
billion-dollar BTC bet rise to $2 billion following Bitcoin’s rise
from below $38,000 during the weekend to over $41,000 this
week. Related Reading: Shiba Inu Open Interest Falls Behind
General Crypto Market, What This Means For Price According to
Simply Bitcoin, an X (formerly Twitter) handle, Michael Saylor, the
former CEO and Executive Chairman of MicroStrategy has revealed
approximately 174,530 BTC in the company’s BTC portfolio. This
makes the business intelligence company presently the largest
corporate Bitcoin holder globally. Around late November,
Saylor announced that the company had purchased another $593.3
million worth of Bitcoin at an average price of $36,785 per BTC.
Due to Bitcoin skyrocketing to $41,000 highs this week, the company
has made profits of $11,460 per Bitcoin with an average price of
$30,252 on its massive Bitcoin stash. Not only has the company
gained massively from its large-scale Bitcoin investment, but
MicroStrategy’s stocks (MSTR) went up by 8.2% following its
purchase in November. MSTR shares were trading over 4% higher on
Monday and its present market cap has hit $8.18 billion. The shares
are up by 6.74% at the time of writing and with Bitcoin still
maintaining its positive sentiment, there may be additional gains
in the future. BTC bulls maintain control on price | Source:
BTCUSD on Tradingview.com Bitcoin Claims 10th Spot In Global Asset
Market Cap Following its spike to $41,000, Bitcoin’s rank in the
top global assets market capitalization went up significantly,
surpassing the formidable Berkshire Hathaway, an American
multinational conglomerate, led by billionaire investor Warren
Buffet. According to Companies Market Cap data, Berkshire
Hathaway’s market cap at the time of writing is approximately
$776.75 billion and down by 0.11%. In contrast, Bitcoin’s market
cap is up by 0.43% and has surged to $816.30 billion. Related
Reading: Ethereum Turns Deflationary With Over 106,000 ETH Burned
In A Single Month The cryptocurrency is a few billion away from
surpassing Meta Platforms (Facebook), which has a market cap of
$822.40 billion and is ranked at the 9th position on the top asset
market cap list. Bitcoin presently ranks as the 10th top asset by
market cap in the world. The cryptocurrency has seen its price
spike triggered by a myriad of factors including the potential
approval of Spot Bitcoin ETFs, the hopeful sentiment surrounding US
rate hikes by the Federal Reserve, and the upcoming Bitcoin halving
in 2024. Featured image from CryptoBriefing, chart from
Tradingview.com
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