MicroStrategy is $100 million in Profits After Bitcoin Investment
Two months after sinking $475 million, MicroStrategy is deep in green, raking in $100 million from their investment. A chess-move, the decision to try out new assets, and dig in on BTC, legitimizing the coin and triggering others like Square and Mode Banking to follow suit, the public-listed company has now earned more than they did in their last three and a half years of their business operations.
Not only is Michael Saylor vocal and confident of Bitcoin prospects, declaring that he owns over $230 million worth of BTC and also profitable after buying each at slightly below $10,000, but the decision by MicroStrategy is also finally paying off, exceeding profits accrued after 3.5 years in operations. While they are now profitable and excited, it also shows how speculative and volatile Bitcoin--and crypto as a whole is.
Impact on the BTC Price:
Bullish. The timely execution of MicroStrategy and their subsequent success, two months after their investment, is bullish for crypto and Bitcoin. It may trigger others--most speculators, to invest, expecting to be profitable like the public firm.
More market updates on ourBlog