2 months ago 1 min read

MicroStrategy's Stock Rises As Bitcoin Wager Succeeds


The largest cryptocurrency in the world, Bitcoin (BTC), broke over the important $30K price threshold on Tuesday, triggering a significant recovery across the board in the worldwide market for digital assets. The current upward trend in Bitcoin has benefited not only the cryptocurrency market but also the businesses that placed long bets on it.

MSTR Bitcoin Bet Gains

The Bitcoin bet made by Michael Saylor, co-founder of MicroStrategy, has finally paid off. According to a study, MicroStrategy Incorporated (MicroStrategy) increased its wager by 1,045 Bitcoins between March 24 and April 4, 2023. The total accumulated value was $29.3 million in cash, while the average price of a Bitcoin was $28,016.

According to the data, MicroStrategy and its affiliates currently have over 140K Bitcoins. The overall holding was acquired for a total of about $4.17 billion. However, it is anticipated that the average buying price per Bitcoin will be around $29,803. At the time of publication, the average price of BTC is $30,258.

As Bitcoin price crossed the $30k price threshold, MicroStrategy Inc. (NASDAQ: MSTR) price increased by 7.82% to trade at $312.78. Over the last 30 days, the stock price of MicroStrategy has increased by 40%. However, data suggests that MSTR stock gained over 120% in 2023.

In the past 90 days, the price of bitcoin has increased by a staggering 72%. BTC price has been circling around the $28K price point for the past few weeks as it has recovered from the lows of 2022. The largest cryptocurrency in the world, BTC, finally breached the $30K price barrier.

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