MicroStrategy Stock Hits $500 High Amid Bitcoin Upwswing
MicroStrategy, a prominent firm known for for its bullish perspective on Bitcoin, observed a significant upswing in its stock value, exceeding $500 last Friday, marking a milestone unseen since December 2021.
With a market capitalization of $7.33 billion, the company’s profitable strategy of holding Bitcoin for the long haul has borne fruit.
Spearheaded by Michael Saylor, the founder and chairman, MicroStrategy began accumulating the cryptocurrency in August 2020 as a hedge against inflation.
Earlier this year, MicroStrategy witnessed a twofold increase in its stock value within a month, riding on the consistent appreciation of its Bitcoin investments.
Presently, the company’s Bitcoin holdings have proven lucrative, acquired at an average price of $29,803 per coin, including an additional procurement of 1,045 Bitcoin.
READ MORE: Hedge Fund CEO Calls Out Billionaire Charlie Munger on His Bitcoin Stance
Currently, MicroStrategy boasts a holding of approximately 140,000 Bitcoin, valued at around $4.4 billion.
Despite reporting a net loss of $143.4 million in its latest quarterly report, MicroStrategy remained steadfast in fortifying its Bitcoin reserves, acquiring 6,067 Bitcoin for $167 million.
This accumulation now constitutes approximately 0.75% of Bitcoin’s overall circulating supply.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
