Michael Saylor's MicroStrategy Nets Over $2B Profit As Bitcoin Rallies Near $42K
Portfolio Pulse from Mehab Qureshi
MicroStrategy Inc. (NASDAQ:MSTR) has realized a profit of over $2 billion from its Bitcoin holdings as the cryptocurrency's price reached near $42,000. The company, led by Executive Chairman Michael Saylor, began investing in Bitcoin in August 2020 and now owns 174,530 Bitcoins, which were acquired at an average cost of $30,252 each. The current value of their holdings is approximately $7.3 billion. MicroStrategy's stock saw a 6% increase in trading on Monday as Bitcoin's price surged.
December 05, 2023 | 4:35 am
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MicroStrategy's Bitcoin investment has yielded a profit of over $2 billion, with the company's stock price rising by 6% as Bitcoin reached near $42,000.
The substantial profit from MicroStrategy's Bitcoin investment is likely to be viewed positively by investors, potentially leading to a short-term increase in the stock price. The 6% uptick in trading on Monday indicates a strong market reaction to the news.
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