Michael Saylor's Bitcoin Bet Profit Tops $2B
Summary
Business intelligence firm MicroStrategy made over $2 billion in profit from its substantial bitcoin holdings following the cryptocurrency's rally above $42,000. The company, led by Michael Saylor, started buying bitcoin in August 2020 and had acquired 174,530 bitcoin at an average price of $30,252 each by November 2022. Even though bitcoin fell to less than $16,000 during the bear market of 2022, Saylor continued to buy more using debt and equity issuance. With the value of bitcoin hitting $42,000, the value of MicroStrategy's holdings rose to approximately $7.3 billion. MicroStrategy shares were also trading around 6% higher.
