The No. 1 cryptocurrency in the world has posted gains of over 82% since the start of the year.
micro strategy (NASDAQ: MSTR) is a major gainer in the latest bitcoin rally that has pushed the crypto asset’s price to a new low. While the crypto market was in the red, several crypto-related stocks. microstrategy, which Bitcoin The holding is worth 140,000, had a hard time before the recent rally. The company bought its first bitcoin in August 2020, adopting the top cryptocurrency as the primary treasury reserve asset. Since the first purchase of 21,454 BTC, the business intelligence firm has acquired more. The latest purchases in March and April 2023 reduced the company’s average purchase price. In late March, CEO Michael Saylor announced 6,455 bitcoins acquired between February 16 and March 23. The CEO said that each coin is worth an average of $23,238. MicroStrategy on April 5th added to your bitcoin stake Afterwards buy 1,045 btc Approx $29.3 million worth
MicroStrategy currently holds a total of 138,955 bitcoins after spending $4.14 billion on the cryptocurrency. According to Saylor, the company has no intention of selling any of its bitcoins in the near future. However, the largest corporate bitcoin reserve holder is set to see a portion of its holdings shed in December.
MicroStrategy Stock and BTC Investing Soared Amid Bitcoin Rally
The No. 1 cryptocurrency in the world has posted gains of over 82% since the start of the year. Bitcoin, which was trading at around $16,547 in December, is currently trading at $30,129. The coin has gained over 6% in the last 24-hours from a low of $28,189. The recent bitcoin rally that has fueled MicroStrategy and its BTC holdings is the biggest quarterly gain in two years. The average price MicroStrategy paid for its bitcoin holdings was $29,817, making the recent rally profitable for the company. At current trading prices, the business intelligence firm is technically under $1,000 per BTC owned.
As MicroStrategy posted gains on its investment in bitcoin, the company’s stock performance also advanced amid the rally. At press time, the company is up 2.21% to $318.71 in premarket trading. This is after MicroStrategy closed up nearly 8% at $312.78 due to a bitcoin rally. Since the beginning of the year, the company has gained 120.94% and has gained almost 65% in the last three months. MSTR has gained 36.31% over the last month and 4.62% in the last five days.
In addition to microstrategy, coinbase (NASDAQ: COIN), Riot Platforms (NASDAQ: RIOT), and Hut 8 Mining (NASDAQ: HUT) are crypto-related stocks that soared as bitcoin’s price corrected. Coinbase closed up 7.63%, Riot was up more than 15%, and Hut 8 Mining was up close to 10% at the end of the trading session on Monday.
Ibukun is a crypto/finance writer interested in delivering relevant information using non-complicated words to reach all types of audiences. Apart from writing, she enjoys watching movies, cooking and exploring restaurants in the city of Lagos where she lives.
More Read
Bitcoin Crypto Related Post
