Though MicroStrategy is a software and AI company, they are hoping to rebrand themselves into the “the world’s first Bitcoin development company“. Led by chairman Michael Saylor, they are putting their money where their mouth is, literally. Saylor and MicroStrategy have acquired 193,000 Bitcoins since 2020, making them the largest institutional holder of BTC in the world. This investment has paid off tremendously, making MicroStrategy into one of the most relevant public companies in the crypto space.
Don’t Miss:
According to a report filed with the SEC, from February 15 to 25, MicroStrategy bought an additional 3,000 Bitcoins for a cost basis of $155.4 million. This brought the entire portfolio to a total of 193,000 Bitcoins, with a cost basis of $31,544 per Bitcoin, or a total of just under $6.1 billion.
As Bitcoin has run up in price, Saylor’s investment has seen huge gains. At its height on February 28th, Bitcoin reached a price of $63,918. At that time, Saylor’s position was worth $12.3 billion, more than twice what he bought it for.
Additionally, the price of Bitcoin appreciated more than 25% in the 3-day period from February 26-28. On top of that, MicroStrategy’s stock is up more than 55% this week, going from less than $700 to well over $1,000.
—
Trending: Large boom in cryptocurrency and metaverse interest as BTC skyrockets — has Apple Vision Pro increased the demand for virtual real estate?
—
Saylor is the largest shareholder in MSTR, holding more than 2.4 million shares, and holds at least 17,732 Bitcoins of his own.
So, the 25% gains on Bitcoin brought about profits of $230 million on Saylor’s personal stash of 17,732 Bitcoins.
For MSTR stock, Saylor’s 2.4 million shares grew by 55%, bringing in profits of $984 million.
When you add the 2 together, you get a total increase of over $1.2 billion in just 3 days.
While neither of these gains are fully realized, they still show up on Saylor’s personal balance sheet as a huge increase in assets. Additionally, Saylor did sell some of his shares, but it was a drop in the bucket compared to his total holdings.
The increase in price of both Bitcoin and MSTR stock brings Saylor’s total holdings to over $3.75 billion, a large portion of which came to be just this week. His BTC and MSTR holdings would put him in the top 900 people on Earth by net worth before even considering any of his other assets.
While the gains are impressive, Saylor does not see himself or MicroStrategy selling their Bitcoin holdings anytime soon, saying that “Bitcoin is the exit strategy” in an interview last week.
It will be interesting to see if Saylor is tempted to sell after the huge increases in price for his investments, or if he will stick by his guns and continue to be bullish on Bitcoin.
Read Next:
“ACTIVE INVESTORS’ SECRET WEAPON” Supercharge Your Stock Market Game with the #1 “news & everything else” trading tool: Benzinga Pro – Click here to start Your 14-Day Trial Now!
Get the latest stock analysis from Benzinga?
This article MicroStrategy’s Michael Saylor Made $1.2 Billion In 3 Days Following Bitcoin Boom originally appeared on Benzinga.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Read More: MicroStrategy’s Michael Saylor Made $1.2 Billion In 3 Days Following Bitcoin