MicroStrategy profits from Bitcoin bet as BTC rises beyond $30k

MicroStrategy has approximately $30 million in Bitcoin investment gains that it has yet to cash out.

According to statistics provided by CryptoSlate, MicroStrategy’s $4 billion Bitcoin (BTC) wager became lucrative on June 21 when the price of Bitcoin (BTC) reached the company’s average purchase price of $29,803.

According to a filing with the U.S. Securities and Exchange Commission, MicroStrategy reportedly possesses almost 140,000 Bitcoin worth roughly $29,803 per coin, as of May 1.

At the current price of $30,245, the American firm’s Bitcoin assets are worth over $4.2 billion, and it is waiting on almost $30 million in unrealized gains from its investment.

BlackRock, WisdomTree, and Invesco are just a few of the conventional financial institutions that have applied for spot Bitcoin ETFs in recent days, and their actions have contributed to Bitcoin’s strong price performance over the last week.

After the SEC initiated many charges against prominent cryptocurrency startups like Coinbase and Binance, the market recovered because of this newfound institutional interest.

Saylor recently reaffirmed his belief in the asset, predicting that Bitcoin’s market share might reach 80% if authorities maintain their onslaught on competing cryptocurrencies.

He has also continued to remark on the relevance of Bitcoin on Twitter, praising the cryptocurrency for its capacity to help people worldwide protect their money in the face of political instability, currency debasement, banking instability, and counterparty risk.

Meanwhile, MicroStrategy’s BTC strategy has attracted the interest of some conventional financial institutions, who have purchased the company’s shares to obtain indirect exposure to Bitcoin, the leading digital asset. MicroStrategy (MSTR) stock is up over 127% year to date, and is now priced at $331 per share.

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