The continuing bitcoin price rally has seen the value of Microstrategy’s total holdings of the digital asset go up by 100%. Specifically, the company has seen the value of its initial haul of 38,250 coins grow to over $1.3 billion from the $425 million spent.
Market Capitalization By Almost 200%
The growth in value of Microstrategy’s digital asset holdings comes on the back of another record-breaking start of the year for bitcoin. At the time of writing, BTC is trading at just above $34,000 with nearly 75% dominance of the crypto market.
Meanwhile, following the recent BTC performances, the value of this Nasdaq listed company’s stock has surged from just under $135 recorded on August 11 to $388.55 by close of trading on December 31. This has seen Microstrategy’s market capitalization rising from $1.3 billion to $3.6 billion, representing a growth of approximately 187% in less than 6 months.
Microstrategy initially bought 21,454 BTC on August 11 before adding another 16,796 on September 14 to complete this first round of buying. Since then, the listed firm subsequently increased its BTC holdings to 70,470 coins. At the time of writing, the listed company’s BTC holdings were valued at nearly $2.4 billion.
In December 2020, News.bitcoin.com reported that Microstrategy had used a total of $1.125 billion to buy the 70,470 coins meaning the firm’s digital asset holdings have now more than doubled in value.
BTC acquisition Bolsters Square Inc
Similarly, another Nasqad listed firm Square Inc, which announced its BTC acquisition in early October, has seen the value of its holdings more than triple in value. The firm used $50 million to acquire a total of 4,709 coins which are now valued at $160 million. Furthermore, the value of Square’s stock has gone up by 18.5% from its October 8 value of $183 to finish the year at $217.
Meanwhile, following Microstrategy and Square’s BTC acquisitions, many more public companies now hold bitcoin. For instance, according to the website that tracks companies that have publicly disclosed their BTC holdings, about 29 of such organisations now hold about 1,151,618 coins between them.
What are your views on Microstrategy’s BTC bet? Tell us what you think in the comments section below.
The post Microstrategy’s BTC Holdings More Than Double in Value to $2.4 Billion Four Months Later appeared first on Bitcoin News.
from Bitcoin News https://news.bitcoin.com/microstrategys-btc-holdings-more-than-double-in-value-to-2-4-billion-four-months-later/
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