MicroStrategy is a business intelligence company that has been making headlines in recent years due to its huge investment in Bitcoin. MicroStrategy has continued to make large purchases of the digital currency and now holds over a lakh of Bitcoin in its treasury.
Michael Saylor, a well-known supporter of Bitcoin and former CEO of MicroStrategy, made headlines this week with another significant purchase of Bitcoin. He announced the acquisition of 3,000 BTC valued at $155 million for the company’s portfolio. As per Saylor’s tweet on X platforms, the purchase was made at an average entry price of $51,813.
MicroStrategy’s recent acquisition has solidified its total ownership of around 193,000 Bitcoin, acquired through various purchases totaling $6.133 billion. This results in an impressive average cost of $31,780 per BTC for the company.
Also Read: How Many Bitcoins Does Robert Kiyosaki Hold?
MicroStrategy’s Bitcoin Holdings: $4.65 Billion in Unrealized Profits
According to data by Saylortracker, with current market prices of Bitcoin of around $56,303, MicroStrategy’s position now boasts a total valuation surpassing $10.86 billion.
The MicroStrategy company currently holds significant unrealized profits amounting to $4.7 billion on paper. This marks an impressive gain of nearly 76% year-to-date from an investment strategy initiated during Saylor’s back in 2020.
Shareholders and analysts are closely tracking the unrealized profit of nearly $4.7 billion already recorded on the paper, assessing the potential magnitude of profits as Bitcoin adoption progresses.
JUST IN: Michael Saylor's MicroStrategy #Bitcoin investment is now at a $4,650,000,000 unrealized profit.
— Finance Shots (@Finance_Shots) February 27, 2024
Also Read: Bitcoin (BTC) Price Prediction | Is BTC a Good Investment?
How High Will Bitcoin Go in March 2024?
As we found on CoinMarketCap,the price of Bitcoin surged by 9.32% in the past 24 hours. The BTC Coin soared from a low of $50,931 to a peak of $56,728 before dropping to its present value.
At the time of writing, Bitcoin is trading at $56,316.66 with a market cap of $1.10 trillion. The trading volume increased by 230% to 46.7 billion over the last 24 hours.
According to our technical analysis, Bitcoin’s maximum price level can go as high as $60,425 with an average price value of $59,265 by the end of market 2024. However, if there is any bearish trend or any negative news surrounding the crypto market, the value of the Bitcoin can fall down to 50,938 by march 2024.
Disclaimer: The information in this article should not be considered anything as financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.
