- Last month, MicroStrategy added 5,445 BTC for $147.3 million.
- If the SEC-approved spot BTC ETFs could spark another rally, it could lead to another profitable turn for the company.
One of the first companies to invest in Bitcoin [BTC]MicroStrategy saw a turn in its fortunes when the King Coin climbed north of $30,000.
MicroStrategy purchased Bitcoin purchased $250 million worth of tokens for the first time in 2020. The attitude towards the king coin has remained bullish since then.
Nearly a month ago, the business intelligence company filed a filing with the U.S. Securities and Exchange Commission (SEC). It was stated that the company added 5,445 BTC for $147.3 million. It had purchased these additional coins at an average price of approximately $27,053 per BTC.
MicroStrategy co-founder and executive chairman Michael Saylor also raved about the company’s Bitcoin portfolio.
MicroStrategy acquired another 5,445 BTC for ~$147.3 million at an average price of $27,053 per #bitcoin. From 24-09-23 @MicroStrategy hodls 158,245 $BTC purchased for ~$4.68 billion at an average price of $29,582 per bitcoin. $MSTR https://t.co/GbJtUoQfXv
— Michael Saylor⚡️ (@saylor) September 25, 2023
On September 24, the latest purchase brought MicroStrategy’s Bitcoin holdings to 158,245 worth $4.68 billion – an average price of $29,582 per BTC.
Since then, the price of the king coin has risen by almost 15% to $30,514 at the time of writing.
Source: BTC/USD, TradingView
A quick calculation tells us that the Bitcoin positions have put MicroStrategy in a strong position on the market. Since the company bought its entire Bitcoin holdings for an average of $29,582 per coin, it has made a profit of $147 million.
Can Bitcoin ETFs Lead to More Substantial Gains?
The recent Bitcoin rally has proven to be very profitable for MicroStrategy, as is evident. Saylor was quick to point out that the King’s growth rate was faster than that of the Nasdaq.
#Bitcoin beats BigTech. pic.twitter.com/ewmxQBELZF
— Michael Saylor⚡️ (@saylor) October 22, 2023
There is speculation that the SEC approving Bitcoin Exchange Traded Funds (ETF) could spark another Bitcoin rally. If this happens, it can lead to a substantial profit margin for the business intelligence company.
Note that MicroStrategy is one of the most prominent companies with large BTC portfolios such as Tesla, Marathon Digital Holdings, Galaxy Digital Holdings and Coinbase.
