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Cryptocurrency News Articles

Business Intelligence Firm MicroStrategy's Bitcoin Stash Crosses $20B in Value as BTC Rallies Above $80k

Nov 11, 2024 at 09:58 am

MicroStrategy's 252,200 Bitcoin BTC $80,928 is now worth $20.54 billion — putting the company up over 104% on its Bitcoin investment strategy

Business Intelligence Firm MicroStrategy's Bitcoin Stash Crosses $20B in Value as BTC Rallies Above $80k

Business intelligence firm MicroStrategy has crossed the $20 billion mark in its Bitcoin stash as BTC price climbs above $80,000.

The company's 252,200 Bitcoin are now valued at $20.54 billion, a 104% gain on its Bitcoin investment strategy, according to “Saylor Tracker,” named after the firm's executive chairman, Michael Saylor.

MicroStrategy has purchased Bitcoin 42 times at a dollar cost average of $39,292, Bitcoin Treasuries data shows.

MicroStrategy is the largest corporate holder of Bitcoin by a wide margin, followed by Bitcoin miners Marathon Digital and Riot Platforms, which hold $2.1 billion and $840 million in Bitcoin, respectively.

MicroStrategy is also looking to raise a huge $42 billion over the next three years to stack more Bitcoin under its “21/21” plan — consisting of $21 billion in equity and $21 billion in fixed-income securities.

Bitcoin is currently trading at $81,617, an all-time high, per CoinGecko.

The rally has also benefited other major Bitcoin holders.

Bhutan's Bitcoin holdings have now crossed the $1 billion mark, according to blockchain analytics firm Arkham Intelligence.

Bhutan has been constructing a large-scale Bitcoin mining operation and is apparently using Bitcoin as a strategic currency reserve.

The country's Bitcoin holdings account for 32% of its $3.15 billion gross domestic product, according to the International Monetary Fund, citing data from October 2024.

El Salvador is also reaping the rewards of its Bitcoin investment strategy, with its stash of 5,930 Bitcoin now valued at over $482 million, according to Drop Stab.

The Central American country is up 80% on its Bitcoin investment with nearly $214 million in unrealized profits.

However, it hasn't always been smooth sailing. El Salvador started its Bitcoin investment strategy two months before Bitcoin peaked in the 2020-2021 cycle, and faced widespread media criticism following the broader market sell-off in 2022.

The Nayib Bukele-led country continues to dollar-cost-average into Bitcoin by buying exactly 1 Bitcoin per day.

El Salvador is also stacking Bitcoin through its passport program and revenue from its volcanic Bitcoin mining venture.

News source:cointelegraph.com

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