Michael Saylor’s big bet on Bitcoin is paying off for MicroStrategy, despite the cryptocurrency’s steep price decline this year.
MicroStrategy has accumulated a stockpile of 152,000 bitcoins purchased for $4.52 billion as of June 28, 2023. With the price of bitcoin currently around $29,865, the firm is sitting on unrealized gains of over $60 million for its holdings.
MicroStrategy remains firm with Bitcoin HODL strategy
The results validate a long-term investment strategy Saylor has stuck to, even amid extreme volatility. While the crypto bear market has ravaged prices, MicroStrategy continues holding and acquiring more bitcoin when opportunities arise.
In April and June of this year, with bitcoin trading near $30,000, the company bought thousands of bitcoins. Despite being down 56% from all-time highs, bitcoin has still dramatically increased in value from MicroStrategy’s average purchase price. In total, the firm’s bitcoin hoard has appreciated over $1 billion.
BTC has surged by over 11% in the last seven days following the recent Ripple news. The coin has surged from a 30-day low of $26,011.47 to a high of $30,000 before falling to its current price.
With crypto markets appearing to stabilize in recent weeks, MicroStrategy is now firmly holding onto its stash. Rather than reducing exposure, Saylor is considering how to raise additional capital to buy more.