- Michael Saylor has reinvested in BTC.
- Bullish sentiment around Bitcoin remained high at the time of writing.
Even while Bitcoin [BTC] trading below $30,000, Michael Saylor was one of the loudest and biggest proponents of BTC.
As time passed, the price of BTC rose well above $30,000. However, Saylor’s position remained the same.
The bullish sentiment remains
According to data from Lookonchain, Michael Saylor’s company MicroStrategy acquired 12,000 BTC from February 26 to March 10, for a total of $821.72 million, at an average price of $68,477.
At the time of writing, MicroStrategy’s total Bitcoin holdings amounted to 205,000 BTC, equivalent to $9.9 billion, with an average acquisition cost of $33,706.
Based on current market prices, profits from these investments could reach an impressive $7.9 billion.
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Funding for this acquisition came from the $782 million generated by the recent convertible bond issuance.
For context, convertible bonds are a form of debt that can be converted into equity at a later stage, and are often used by companies to raise capital without immediately determining its valuation.
Source:
At the time of writing, MicroStrategy had surpassed financial giant BlackRock in terms of Bitcoin holdings on its balance sheet with its recent acquisition.
At the time of writing, BlackRock owned 195,985.31 Bitcoins through its IBIT iShares Bitcoin Trust, which was lower than MicroStrategy’s holdings.
Examining the status of Bitcoin ETFs, Assets Under Management (AUM) for GBTC has returned to approximately $28 billion, reaching pre-ETF levels, thanks to the rise in Bitcoin’s price.
Significant outflows from GBTC continued, indicating that investors may be waiting on the sidelines, awaiting a resolution or a drop in BTC prices before taking action again.
Source: Y-charts
How is Bitcoin doing?
At the time of writing, BTC was trading at $71,899.41, with the price up 2.69% over the past 24 hours. Traders remained positive on BTC as the put-to-call ratio dropped significantly from 0.50 to 0.46.
Read Bitcoin’s [BTC] Price forecast 2024-25
This indicated that the number of bullish bets in favor of Bitcoin exceeded bearish bets in recent weeks.
Despite all the bullish sentiment surrounding Bitcoin, a dip in activity on the Bitcoin network has been observed in recent days. This decline in activity could hinder BTC’s growth potential in the future.
Source: Santiment
