MicroStrategy has become one of the top gainers of the recent Bitcoin bullish trend, and the analytics provider has secured billions in gains after disregarding naysayers to make a long-running bet on Bitcoin.
MicroStrategy Massive Bitcoin Bet Hits Gold
Leading provider of enterprise analytics and mobility software, MicroStrategy is riding the early wave of the anticipated Bitcoin bull run. The analytics provider has seen the profit on its billion-dollar BTC bet rise to $2 billion following Bitcoin’s rise from below $38,000 during the weekend to over $41,000 this week.
According to Simply Bitcoin, an X (formerly Twitter) handle, Michael Saylor, the former CEO and Executive Chairman of MicroStrategy has revealed approximately 174,530 BTC in the company’s BTC portfolio. This makes the business intelligence company presently the largest corporate Bitcoin holder globally.
Around late November, Saylor announced that the company had purchased another $593.3 million worth of Bitcoin at an average price of $36,785 per BTC. Due to Bitcoin skyrocketing to $41,000 highs this week, the company has made profits of $11,460 per Bitcoin with an average price of $30,252 on its massive Bitcoin stash.
Not only has the company gained massively from its large-scale Bitcoin investment, but MicroStrategy’s stocks (MSTR) went up by 8.2% following its purchase in November. MSTR shares were trading over 4% higher on Monday and its present market cap has hit $8.18 billion. The shares are up by 6.74% at the time of writing and with Bitcoin still maintaining its positive sentiment, there may be additional gains in the future.
BTC bulls maintain control on price | Source: BTCUSD on Tradingview.com
Bitcoin Claims 10th Spot In Global Asset Market Cap
Following its spike to $41,000, Bitcoin’s rank in the top global assets market capitalization went up significantly, surpassing the formidable Berkshire Hathaway, an American multinational conglomerate, led by billionaire investor Warren Buffet.
According to Companies Market Cap data, Berkshire Hathaway’s market cap at the time of writing is approximately $776.75 billion and down by 0.11%. In contrast, Bitcoin’s market cap is up by 0.43% and has surged to $816.30 billion.
The cryptocurrency is a few billion away from surpassing Meta Platforms (Facebook), which has a market cap of $822.40 billion and is ranked at the 9th position on the top asset market cap list.
Bitcoin presently ranks as the 10th top asset by market cap in the world. The cryptocurrency has seen its price spike triggered by a myriad of factors including the potential approval of Spot Bitcoin ETFs, the hopeful sentiment surrounding US rate hikes by the Federal Reserve, and the upcoming Bitcoin halving in 2024.
Featured image from CryptoBriefing, chart from Tradingview.com