In a remarkable turn of events for the business intelligence (BI) company MicroStrategy, the recent bullish momentum of Bitcoin (BTC) has resulted in significant profits and a resurgence for the company.
MicroStrategy has returned on a profitable trajectory after a prolonged period of market downturn and losses suffered by companies with cryptocurrency holdings.
MicroStrategy’s Bitcoin Holdings Surge
Just a month ago, MicroStrategy and its subsidiaries made a strategic move by increasing their BTC holdings. According to a filing with the US Securities and Exchange Commission (SEC), the company, co-founded by renowned investor Michael Saylor, added 5,455 BTC to their portfolio, valued at $147 million.
As of the time of writing, MicroStrategy’s Bitcoin holdings stand at a staggering 158,245 BTC, with a total valuation of approximately $4.68 billion.
Over the past 24 hours, Bitcoin has experienced a remarkable upswing, breaking through a long consolidation phase above $27,000 and reaching a new 2023 high. With a significant surge of 12.2%, BTC peaked at $35,300. This surge has unlocked substantial unrealized profits for MicroStrategy.
According to Lookonchain, MicroStrategy’s Bitcoin holdings have generated an estimated unrealized profit of around $746 million.
With BTC’s skyrocketing price, MicroStrategy’s strategic accumulation of 28,560 BTC since May 2022, at an average price of $25,707, has proven profitable.
MicroStrategy’s success in capitalizing on the recent price surge of Bitcoin highlights the company’s strategic approach and belief in the long-term value of the cryptocurrency.
By significantly increasing their Bitcoin holdings, MicroStrategy has positioned itself to benefit from BTC’s continued growth and adoption.
BTC Bears Crushed As $300 Million In Shorts Liquidated
The cryptocurrency market witnessed a stunning surge, resulting in a staggering $100 billion addition to its total market capitalization within a single day. This rapid ascent also triggered a wave of liquidations amounting to over $400 million, with shorts accounting for a significant portion of the losses.
With BTC experiencing a 12% price increase, this led to the liquidation of more than $180 million in short positions out of a total of $222 million in BTC liquidations.
Ethereum (ETH) traders also saw a significant loss of $60 million, with…
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