Key points to remember
- Bitcoin is trading above $30,000.
- MicroStrategy has an average purchase price of $29,803 per bitcoin
- The company currently holds 140,000 BTC, a sum worth over $4.2 billion at the time of writing.
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The bitcoin position of MicroStrategy co-founder Michael Saylor is no longer underwater. With Bitcoin trading for around $30,200 and an average purchase price of $29,803 per bitcoin, Saylor is now officially in the green.
$4.2 billion in BTC
Bitcoin’s recent price performance is good news for one of its biggest advocates.
The major cryptocurrency broke above the $30,000 mark last night, reaching levels not seen since June 2022. At the time of writing, BTC was trading at around $30,200, slightly above the MicroStrategy’s average purchase price of $29,803 per bitcoin.
MicroStrategy is a business intelligence software company. In August 2020, MicroStrategy co-founder (and then CEO) Michael Saylor announced for the first time that the company had converted some of its cash into bitcoin due to inflation concerns. Saylor followed many other bitcoin purchases and became famous for his relentless advocacy for bitcoin. “Go mortgage your house and buy more bitcoin,” he said in 2021.
MicroStrategy continued to hoard bitcoin after the price crash. As recently as March 27, the company had acquired an additional 6,455 BTC for approximately $150 million, for an average price of $23,238 per coin; a week later, MicroStrategy bought An additional 1,045 BTC for around $29 million at an average price of $28,016 per coin. The company currently holds 140,000 BTC, a sum worth over $4.2 billion at the time of writing.
Saylor resigned as CEO of MicroStrategy in August 2022. He was succeeded by MicroStrategy President Phong Le. Saylor retained his position as the company’s executive chairman, tasked with focusing on “Bitcoin acquisition strategy and Bitcoin-related advocacy initiatives.”
Disclosure: At the time of writing this article, the author of this article owned BTC, ETH, and several other crypto assets.