Microstrategy bitcoin-purchases-3000-btc/” rel=”nofollow”>recently revealed who had acquired an additional 3,000 btc this month, bringing their bitcoin holdings to 193,000 btc. Interestingly, btc bitcoin-price-rise-above-57000/” rel=”nofollow”>recent price increase caused these holdings to surpass the $10 billion mark, and the software company is currently racking up a huge amount of unrealized profits.
MicroStrategy Unrealized Profits Reach $5 Billion
As revealed in the company report presentation with the National stock market Commission (SEC), your btc holdings have now been purchased for an average price of $31,544. That means MicroStrategy's bitcoin investment now has an unrealized gain of nearly $5 billion, considering bitcoin is trading just above $57,000.
MicroStrategy's 'bitcoin Strategy', Spearheaded by Its Co-Founder Michael Taylor, began in 2020, when the company began investing in the flagship crypto token. Saylor saw this as a way to bitcoin/” rel=”nofollow”>inflation hedge and diversify the company's cash reserves. Since then, Saylor and his company have continued to aggressively accumulate bitcoin.
Saylor's faith in bitcoin was tested when the company's investment took an unrealized loss during the height of the crypto winter when btc was trading below the $30,000 price level. Despite that, Saylor and MicroStrategy stayed true to their bitcoin strategy. Instead of selling, they saw it as an opportunity to accumulate more btc.
Saylor also recently made it clear that he and his company have no intention of liquidating their btc holdings anytime soon. indicating that “bitcoin is the exit strategy.” This sentiment certainly provides a bullish narrative for the flagship cryptocurrency, especially considering what could happen to the market if the company dumps its bitcoin.
MicroStrategy is currently the largest corporate holder of btc and is leading the charge as institutional demand for btc continues to increase. This demand comes primarily from bitcoin Spot ETFs, which together hold more btc than MicroStrategy combined.
bitcoin Spot ETF Trading Volume Surpasses $2 Billion Again
Eric Balchunas, Bloomberg analyst revealed that newly listed bitcoin ETFs once again surpassed the $2 billion mark on February 27. This was the second day in a row they accomplished this. bitcoin-price-rise-above-57000/” rel=”nofollow”>having recorded an all-time high of $2.4 billion in trading volume on February 26. Specifically, the world's largest asset manager, BlackRock, appears to be having a streak of its own.
Balchunas pointed out that bitcoin-etf-now-at-1-6-billion/” rel=”nofollow”>Black Rock had broken his record again, with the bitcoin-spot-etf/” rel=”nofollow”>iShares bitcoin ETF (IBIT) recording a trading volume of $1.3 billion on February 27. The impressive demand for these funds is believed to be another reason why the price of btc has continued to rise.
At the time of writing, bitcoin is trading at around $57,100, up in the last 24 hours, according to bitcoin/” rel=”nofollow”>data from CoinMarketCap.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2024/02/Bitcoin-is-unstoppable-BTC-price-hits-new-all-time-highs-in" alt="Tradingview.com bitcoin Price Chart” width=”3286″ height=”1530″ loading=”lazy”/>
btc adds over $2,000 in six hours | Source: BTCUSD on Tradingview.com
Featured image of Milk Road, chart from Tradingview.com
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