Tech company MicroStrategy’s Bitcoin investment is back in the green following the biggest digital asset’s latest rise in price.
The Tysons, Virginia-based public company’s investment—today worth $4.8 billion—is up over 160% since it started buying the cryptocurrency over three years ago, Bitcoin Treasuries data shows.
MicroStrategy, which provides software solutions for companies, last month said via an SEC filing that it had bought the cryptocurrency for an average price of $29,582 per coin.
Bitcoin is now priced at $30,904, up more than 3% in 24 hours and more than 9% in the past seven days, CoinGecko data shows. The asset has shot up by 85% since the beginning of the year, when it was priced at $16,615 per coin.
In September MicroStrategy upped its holdings by buying another $147 million worth of Bitcoin.
MicroStrategy holds more Bitcoin than any other publicly traded company. It first bought the cryptocurrency in August 2020, helping to spur a bull run.
MicroStrategy has been regularly upping its stash since then and currently owns 158,245 Bitcoins—today worth $4.8 billion. At times, the company has even used BTC-backed loans to buy more Bitcoin.
The company’s founder and chairman Michael Saylor said at the time that the asset was a good hedge against inflation and would get the best returns for shareholders.
He has since described the virtual coin as “digital gold” and regularly claims it is a supreme asset compared to stocks, bonds, gold, or real estate.
The MicroStrategy Bitcoin buys seems to be paying off for shareholders: since the company first bought Bitcoin, its stock has risen over 150%. MicroStrategy—which trades on the Nasdaq as MSTR—is today priced at $367.28 per share, up 5.5% in a day.
Edited by Stacy Elliott.
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Source: https://decrypt.co/202813/microstrategys-bitcoin-in-the-green-digital-gold-rallies
