The recent hike in Bitcoin’s price has done well to restore the crypto community’s confidence in the flagship cryptocurrency. However, the hike came as good news to one stakeholder in particular, Michael Saylor’s Microstrategy. The IT firm went all in on Bitcoin in August 2020 when Saylor decided to invest in BTC as a hedge against inflation.
Under Michael Saylor, who happens to be a Bitcoin maximalist, Microstrategy has acquired 132,500 BTC with a book value of a whopping $4.03 billion. The average price of the acquisition was $30,397. The Bitcoins were purchased through several debt deals and bond offerings.
According to a recent tweet by DB Newswire, the 44% increase in Bitcoin’s price over the past week has brought Microstrategy’s BTC bet closer to its breakeven price of $30,137. The current value of Michael Saylor’s BTC stash would be more than $3.7 billion. At -7.15%, the current P&L of the Bitcoin purchase stands at -$285 million.
The rally in BTC’s price has pushed Microstrategy’s share price as well. The stock has risen more than 13% since March 10 when BTC’s rally began. The stock, which is currently trading at $267, often mirrors the performance of the flagship crypto, following the latter’s ups and downs.
DB Newswire tweet also outlined other high-profile Bitcoin bets, including the one made by El Salvador under its pro-crypto president Nayib Bukele. The country’s BTC trade is currently running at a loss of 38%. Tesla (NASDAQ:TSLA) and Block are among those with profitable Bitcoin positions. The electric automaker has made a profit of 14.5% on its BTC with a realized gain of $190 million. Meanwhile, Block has made $4.6 million from its BTC trade.
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Source: Cryptocurrency - investing.com
