As cryptocurrencies extended their gains in Asian trading, Bitcoin rose to a nearly 18-month high. Bitcoin rose more than 6% to $35,198 (about Rs 29.2 lakh) on Tuesday (October 24), its highest level since May 2022. It rose 10% on Monday in its best session in almost a year. He crypto rally brings “good news” for bitcoin (BTC) holdings Microstrategy since they became profitable again.
MicroStrategy, a US-based company that offers business intelligence, mobile software and cloud-based services, holds 158,245 bitcoins that have an aggregate purchase price of approximately $4.68 billion. This translates to an average price of $29,582 each. With the crypto rally on October 24, the company's bitcoin bet is in the green at approximately $6,000 per coin.
MicroStrategy in 'green'
On Tuesday, October 24, Bitcoin rose its price by a remarkable 11 percent. For the first time this year, the value of Bitcoin rose to the mark of $33,623 (approximately Rs 27.9 lakh). In fact, Bitcoin has reached its 16-month high at today's price. Optimism among community members surrounding the expected approval of BTC ETFs in the US is fueling the market with hope. Over the last day, the value of BTC increased sharply by $3,356 (approximately Rs. 2.78 lakh).
Founder and President of MicroStrategy Michael Taylor started buying Bitcoin in 2020. A strong supporter and buyer of Bitcoin has called Bitcoin digital gold. He said the asset would provide the best returns for shareholders.
Bitcoin's value peaked in November 2021, however, it fell by almost 80% in 2022, bringing down the fortunes of the company. The company sold 708 bitcoins in December 2022, worth $11 million at the time. He increased purchases in 2023 and bought 5,445 Bitcoins for about $150 million.
MicroStrategy, a US-based company that offers business intelligence, mobile software and cloud-based services, holds 158,245 bitcoins that have an aggregate purchase price of approximately $4.68 billion. This translates to an average price of $29,582 each. With the crypto rally on October 24, the company's bitcoin bet is in the green at approximately $6,000 per coin.
MicroStrategy in 'green'
On Tuesday, October 24, Bitcoin rose its price by a remarkable 11 percent. For the first time this year, the value of Bitcoin rose to the mark of $33,623 (approximately Rs 27.9 lakh). In fact, Bitcoin has reached its 16-month high at today's price. Optimism among community members surrounding the expected approval of BTC ETFs in the US is fueling the market with hope. Over the last day, the value of BTC increased sharply by $3,356 (approximately Rs. 2.78 lakh).
Founder and President of MicroStrategy Michael Taylor started buying Bitcoin in 2020. A strong supporter and buyer of Bitcoin has called Bitcoin digital gold. He said the asset would provide the best returns for shareholders.
Bitcoin's value peaked in November 2021, however, it fell by almost 80% in 2022, bringing down the fortunes of the company. The company sold 708 bitcoins in December 2022, worth $11 million at the time. He increased purchases in 2023 and bought 5,445 Bitcoins for about $150 million.
