BlockNews
  • Crypto
  • Finance
  • Politics
  • Memecoins
  • NFT
  • Technology
  • Opinion
No Result
View All Result
FOLLOW
BlockNews
  • Crypto
  • Finance
  • Politics
  • Memecoins
  • NFT
  • Technology
  • Opinion
No Result
View All Result
BlockNews

MicroStrategy’s Bitcoin Stash Back in Profit as BTC Price Rises Above $30K

by admin
October 24, 2023
in Crypto, Featured
A A
Is Michael Saylor the Savior of BTC?
3
SHARES
Share on TwitterShare on Reddit
  • MicroStrategy started buying Bitcoin in 2020 and now holds over 158,000 BTC purchased at an average cost of $29,870 per coin. With Bitcoin above $30k, MicroStrategy’s investment is now profitable again after months of unrealized losses.
  • Bitcoin has struggled to maintain momentum above $30k since May, which risks pushing MicroStrategy’s investment back below its average buying price if repeated. Holding $30k support could allow Bitcoin to test $32k resistance.
  • Approval of a Bitcoin ETF in the U.S. could provide a bullish catalyst according to analysts, potentially boosting Bitcoin’s market cap and price. However, MicroStrategy remains committed to its long-term Bitcoin accumulation strategy regardless of an ETF.


MicroStrategy’s sizable Bitcoin holdings have turned profitable again now that the price of BTC has broken above $30,000. This comes after several months of unrealized losses on the investment.

MicroStrategy’s Bitcoin Purchases

MicroStrategy started accumulating Bitcoin in 2020 and continued buying more in 2021 and 2022. As of October 23rd, the firm held 158,245 BTC purchased at an average cost of $29,870 per coin. With Bitcoin’s price now above $30,000, MicroStrategy is currently up about $130 million from its original investment.

Bitcoin’s Recent Price Action

Since May 2022, Bitcoin has struggled to maintain bullish momentum after crossing $30,000. This scenario may repeat in the coming weeks, which risks pushing MicroStrategy’s investment back below its average buying price. However, holding $30,000 as support could open the door for Bitcoin to test resistance around $32,000.

Potential Catalysts

The potential approval of a Bitcoin ETF in the U.S. could provide a bullish catalyst according to some analysts. CryptoQuant argues this could boost Bitcoin’s market capitalization by $155 billion and potentially push its price to $50,000-$73,000 in 2024. However, MicroStrategy says it will continue holding Bitcoin regardless of whether an ETF gets approved.

Conclusion

MicroStrategy’s sizable Bitcoin investment has returned to profitability with the recent move above $30,000. However, BTC remains volatile and faces technical resistance ahead. While an ETF could accelerate Bitcoin’s rise, MicroStrategy remains committed to its long-term crypto accumulation strategy.

Tags: cryptoMicrostrategy
Tweet1ShareShare1

DON'T MISS THESE! HOT OFF THE PRESS

Chainlink Hits Pivotal Level as Whales Start Scooping Up LINK
Chainlink

Chainlink Hits Pivotal Level as Whales Start Scooping Up LINK

May 31, 2025
Fartcoin Tanks 13% But Accumulation Signals Might Hint at a Surprise Rebound
Crypto

Fartcoin Tanks 13% But Accumulation Signals Might Hint at a Surprise Rebound

May 31, 2025
Avalanche’s Road to $100: Ambitious or Achievable?
Crypto

Avalanche’s Road to $100: Ambitious or Achievable?

May 31, 2025
Meme Coin Bloodbath: PEPE, BONK, and Others Take a Nosedive
Bitcoin

Meme Coin Bloodbath: PEPE, BONK, and Others Take a Nosedive

May 31, 2025
SUI Dips but Trading Volume Pops — What’s Going On?
Crypto

SUI Dips but Trading Volume Pops — What’s Going On?

May 31, 2025
ADA Derivatives Spike as Traders Eye Next Move
Cardano

ADA Derivatives Spike as Traders Eye Next Move

May 31, 2025
Load More

Related News

Chainlink Hits Pivotal Level as Whales Start Scooping Up LINK

Chainlink Hits Pivotal Level as Whales Start Scooping Up LINK

May 31, 2025
Fartcoin Tanks 13% But Accumulation Signals Might Hint at a Surprise Rebound

Fartcoin Tanks 13% But Accumulation Signals Might Hint at a Surprise Rebound

May 31, 2025
Avalanche’s Road to $100: Ambitious or Achievable?

Avalanche’s Road to $100: Ambitious or Achievable?

May 31, 2025
Meme Coin Bloodbath: PEPE, BONK, and Others Take a Nosedive

Meme Coin Bloodbath: PEPE, BONK, and Others Take a Nosedive

May 31, 2025
SUI Dips but Trading Volume Pops — What’s Going On?

SUI Dips but Trading Volume Pops — What’s Going On?

May 31, 2025
Discord Twitter Youtube TikTok Instagram

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Technology twitter US Web3 xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • Home
  • Crypto
  • Memecoins
  • Technology
  • Politics
  • Finance
  • NFT
  • DeFi
  • Opinion

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.