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Home CRYPTO

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

by admin
October 24, 2023
in CRYPTO, FEATURED
Reading Time: 2 mins read
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  • 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
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