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GALAUSD Gala

0.02733
0.00 (0.00%)
10:53:08 - Realtime Data
Name Symbol Market Market Cap ($) Algorithm
Gala GALAUSD Crypto 923,981,077 Not Mineable
  Price Change Price Change % Current Price Bid Price Offer
  0.00 0.00% 0.02733 0.02729 0.02732
High Price Low Price Open Price Prev. Close 52 Week Range
0.02733 0.008500 - 2.29
Exchange Last Trade Size Trade Price Currency
KRKN 09:50:14 452.52 0.0283 USD
Price x Volume Volume Base Symbol Related Pairs
85,954.49 2,921,828.99 GALA GALAEUR GALAGBP GALABTC

MicroStrategy’s $4.6 Billion Bitcoin Bet Pays Off, Here’s How Much It’s Worth Now

10/11/2023 6:00pm

NEWSBTC


The cryptocurrency industry has experienced significant growth in recent weeks with an influx of capital. This influx of capital has forced Bitcoin over various price resistances, with the latest being a brief cross over the $37,000 level. MicroStrategy has emerged as a prominent public company that has successfully capitalized on this price push. MicroStrategy’s blockbuster bet on the world’s largest cryptocurrency has certainly paid off so far. The company has posted over $1 billion in unrealized profit thanks to Bitcoin’s 36% increase from $26,750 since October 13. Shares of MicroStrategy have also risen simultaneously, soaring more than 55% since the same time period. MicroStrategy’s Bold Bitcoin Bet Paying Off MicroStrategy started buying in Bitcoin in 2020 but the latest acquisition came in October, amidst the influx of money into Bitcoin, where the company announced it had acquired an additional 155 BTC for $5.3 million.  Related Reading: Ripple IPO: Expert Reveals Why Investors Should Be Cautious MicroStrategy now owns a total of 158,245 BTC, acquired at an average total value of $4.68 billion. At BTC’s current price of around $36,500, MicroStrategy’s BTC investment is now worth over $5.77 billion, representing an unrealized 26% return of $1.1 billion in around three years. The company’s investment in Bitcoin has also paid off on the back end of its stock price, as it has outperformed many stocks and assets since the adoption of its Bitcoin strategy. The share price has shot up 242% from its open price of $145 at the beginning of the year.  At the time of writing, MicroStrategy share is trading at $497, and Michael Saylor noted that this growth has been largely in part to its innovative Bitcoin strategy. BTC resumes uptrend | Source: BTCUSD on Tradingview.com BTC Putting Microstrategy On The Map MicroStrategy’s Michael Saylor has been an outspoken proponent of Bitcoin. Saylor’s belief in Bitcoin spearheaded MicroStrategy’s investment in the asset, and a cursory look through his social media page on X shows various posts promoting Bitcoin.  #Bitcoin is Coming. pic.twitter.com/5oE42SQvgC — Michael Saylor⚡️ (@saylor) November 9, 2023 Saylor recently stated, in an interview with Fox Business, that MicroStrategy’s BTC investments were part of a well-planned strategy to rival tech giants like Google, Microsoft, and Apple.  Related Reading: Analyst Predicts Bitcoin And Crypto Market Crash Of Epic Proportions, Here’s When “What we did in August of 2020 was recognize that there’s no way we’re going to outgrow Google and Microsoft and Apple Computer as a mid-sized software company. We realized Bitcoin is like a high-tech dominant digital network growing at 40% or 50% a year, and so we bought it,” he said in the interview. Saylor also expects the demand for BTC to double in the next 12 months amidst its next halving and the approvals of spot Bitcoin ETFs in the US. Ultimately, he believes that the price of BTC will eventually reach $5 million.  MicroStrategy isn’t the only company with Bitcoin on its balance sheet. Public companies now own a total of 239,494 BTC, representing 1.23% of the total supply. Marathon Digital, Galaxy Digital, and Tesla are a few of these companies, holding 13,286, 12,545, and 10,500 BTC, respectively. Featured image from MicroStrategy, chart from Tradingview.com

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