MicroStrategy’s Bitcoin Holding Turns Green as BTC Hits $30K

According to a report by The Block, the biggest corporate holder of reserves of Bitcoin (BTC), MicroStrategy, a provider of business analytics, is currently making money on its investment in cryptocurrencies. 

The potential for interest rate rises to peak under financial stress in the U.S. and across Europe has been connected to the surge in bitcoin prices.

The value of MicroStrategy’s Bitcoin assets has increased to more than $4 billion as a result of the top cryptocurrency rising almost 5% in the past couple of hours. BTC is currently trading at $29,941.

MicroStrategy Continues to Buy Bitcoin

According to MicroStrategy’s statement with the SEC on April 5, between March 24 and April 4, the business and its affiliates bought around 1,045 Bitcoin for nearly $29.3 million.

The cryptocurrency has had its biggest quarterly growth in two years and is already up 82% year to date. This brought MicroStrategy’s total number of Bitcoin purchases to nearly 140,000, for a total purchase price of about $4.17 billion. 

Starting from June last year, MicroStrategy’s bitcoin assets have been losing money. The failure of the cryptocurrency hedge fund Three Arrows Capital and the bankruptcy of the cryptocurrency lender Celsius at the time caused the markets to fall even lower.

The business intelligence firm has been steady in its support of Bitcoin (BTC), the most popular cryptocurrency. 

The largest corporate holder just increased the value of its Bitcoin holdings by adding an extra $150 million worth of BTC. Remember that Microstrategy joined a number of cryptocurrency companies to cut relations with Silvergate as these companies anticipated that the crisis facing the crypto-friendly bank would ultimately lead to insolvency.

Moreover, with its subsidiary Macrostrategy, the American business software company added a significant quantity of 2,395 BTC to its portfolio at the end of 2022 at a cost of $43 million. The IT company considers the business to be long-term focused and has no imminent plans to sell up its BTC.