
The current bullish trail of Bitcoin prices has resulted in MicroStrategy going green with profits. MicroStrategy is an America-based software company and is also the largest corporate holder of Bitcoin reserves.
In a recent filing with the United States Securities and Exchange Commission (SEC), the firm revealed its recent Bitcoin purchases. According to the firm, during the phase between March 24 and April 4 MicroStrategy and its subsidiaries purchased about 1,045 Bitcoin for approximately $29.3 million.
This addition took the company’s overall holding to about 140,000 Bitcoin acquired at an aggregate purchase price of approximately $4.17 billion and an average purchase price of approximately $29,803 per coin. Now as the world’s largest cryptocurrency by market capitalization soars, it results in MicroStrategy’s Bitcoin holdings’ worth being more than $4.2 billion.
MicroStrategy first made headlines in 2020 when it first purchased $250 million worth of Bitcoin as part of its treasury reserve strategy. Since then, the company has continued to add to its holdings. However, the move was initially met with skepticism, as many experts in the financial industry were unsure about the long-term viability of Bitcoin as a store of value and also criticized firm’s purchase.
Notably, Michael Saylor, co-founder and executive chairman of MicroStrategy has been one of the biggest vocal advocates of cryptocurrencies. He has reiterated his views over and over again as to how cryptocurrencies precisely Bitcoin have the potential to outperform traditional asset classes such as gold and stocks.
Even in times of falling prices and distress, Saylor has remained firm with his stance. He has repeated that MicroStrategy has no intention of selling its Bitcoin holdings in the foreseeable future. However, for a single instance at the end of last year which has been known to be one of the worst bear markets, the company sold a portion of its holdings solely to secure “tax benefits.”
Sources suggest that MicroStrategy’s investment in Bitcoin has also been a significant driver of its recent stock price performance. Notably, on Monday, the company’s shares (NASDAQ: MSTR) closed at $312.78, marking a 7.54% increase over the past five days and a remarkable growth of 40% in the past month.
The price performance of Bitcoin in recent times has warmed investors and also brought relief to many, especially after the prolonged bear phase of 2022. At the time of writing, Bitcoin is trading at $30,196.30, which is a 1.81% increase over the past day, about a 7.64% surge over the past five days, and a remarkable 46.25% hike over the past month.
Additionally, the upward momentum has resulted in the digital asset outperforming other investment products. As Todayq News reported, Bitcoin emerged as the top-performing asset class in the first quarter of 2023, with gains of about 70% marking Bitcoin’s best quarter since the first quarter of 2021. The asset’s latest quarterly returns placed it ahead of big names such as the S&P 500, Nasdaq 100, and iShares Core U.S. Aggregate Bond ETF.