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Here's How Much Michael Saylor's MicroStrategy Now Owns in Bitcoin

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Tue, 30/04/2024 - 13:20
Here's How Much Michael Saylor's MicroStrategy Now Owns in Bitcoin
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MicroStrategy, the business intelligence firm led by chairman Michael Saylor, continues to make waves in the cryptocurrency space with its significant holdings of Bitcoin. 

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As one of the earliest corporate adopters of the digital asset, MicroStrategy's Bitcoin stash has become a focal point for the crypto community.

According to on-chain analytics website lookonchain, MicroStrategy purchased another 122 BTC worth $7.8 million at $63,934 in April. The firm's Bitcoin cache has grown by 25,250 since the conclusion of the fourth quarter. 

This brings MicroStrategy's total Bitcoin holdings to 214,400 BTC, worth $13.22 billion, with an average purchase price of $35,180. At current Bitcoin pricing, the profit is anticipated to be $5.68 billion, according to lookonchain estimates. 

However, under existing accounting rules, MicroStrategy is unable to report any increases in its Bitcoin holdings, including the nearly 67% increase in the most recent quarter. However, this could change due to a recent accounting rule that requires digital assets to be valued at market pricing. 

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Companies have until 2025 to adopt the revision. MicroStrategy did not embrace the modification for the first quarter, instead reporting a $191.6 million digital asset impairment loss.

In 2020, MicroStrategy became the first public firm to purchase Bitcoin as a capital allocation strategy, with Saylor noting the necessity to hedge against inflation. While Saylor has earned the adoration of digital-asset advocates, no other U.S. public corporation, except Tesla and a few crypto-related firms, has elected to include Bitcoin on its financial sheet.

Bitcoin price action

At the time of writing, BTC had dropped 1.37% in the previous 24 hours to $61,536. Crypto analyst Ali shared his thoughts on BTC's price direction - a sustained close below the BTC short-term holder realized price, which is now at $59,800, could signal a probable BTC market top.

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If the market peak is confirmed, BTC might fall to $51,530, or perhaps $42,700. However, if Bitcoin can break over $66,250 and reclaim this level of support, the negative view would be invalidated. Bitcoin's strength might increase when it rises beyond $66,250, allowing it to push toward $69,150. If this resistance level is broken, BTC might rise to a new all-time high of $92,190.

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