The unrealized profit of entrepreneur Michael Saylor’s MicroStrategy company immediately rose to $2 billion amid the growth of Bitcoin (BTC) on the night of December 4, to $41.7 thousand paired with the stablecoin Tether USD (USDT). With the current value of the first cryptocurrency being $41.5 thousand, the company’s unrealized profit is more than $1.96 billion, writes RBC Crypto.
The other day, November 30, the company reported on the acquisition of bitcoin coins for almost $600 million more. According to the report posted on the company’s official website, MicroStrategy currently has 174,530 BTC on its balance sheet, purchased at an average price of $30,252 for a total of $5.28 billion.
As of December 4, 2023, the market valuation of Michael Saylor’s company’s digital assets is $7.24 billion.
At the end of October, amid a sharp rise in the cryptocurrency market, MicroStrategy’s Bitcoin trading position became profitable. The company began buying digital currency more than three years ago and was in deep losses for a long time.
Former MicroStrategy CEO and now Chairman of the Board Michael Saylor is considered one of the famous Bitcoin enthusiasts, and the company continues to actively accumulate coins. Only once, in December 2022, MicroStrategy sold 708 bitcoins worth $11 million.
The company has about 0.89% of existing bitcoins on its balance sheet, and it seems that it does not intend to curtail its purchases. In August this year, MicroStrategy said it could raise an additional $750 million in a stock offering and use part of the proceeds to acquire a digital asset.
Source: Cryptocurrency
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