JAKARTA - MicroStrategy, a software company owned by Michael Saylor, which is famous for its large investment in Bitcoin (BTC), has made more than $1 billion (Rp15.6 trillion) from the digital asset. This profit was obtained in line with the increase in BTC prices to an annual high of over $37,000 (Rp578.5 million).
BTC, the world's largest cryptocurrency, has strengthened significantly this year, recording a year-to-date increase of more than 100%. One of the driving factors is the hope for approval of BTC exchange-traded funds (ETF) by US regulators.
On Thursday, the price of BTC reached nearly $38,000 (Rp593.3 million), the highest level since May 2022. At that time, the crypto market experienced a crisis due to the collapse of Terra's algorithmic UST stablecoin and its negative impact on various crypto companies, including FTX and Celsius.
The surge in BTC prices has provided huge benefits for MicroStrategy, which is BTC's biggest public holder, with their investment now showing a profit of $1.2 billion or around IDR 18.8 trillion on November 9, according to data from BitcoinTreasuries.
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Gak Kapok, MicroStrategy Kembali Beli 5.445 Bitcoin Senilai Rp2,2 Triliun
26 September 2023, 22:28
Based on MicroStrategy's third-quarter earnings report, the company has purchased a total of 158,400 BTC for $4.68 billion (Rp73.1 trillion) as of September 30. The average purchase price of this company is $29,586 (Rp462.2 million) per coin.
With BTC currently trading at $36,428 (Rp568.6 million), the company led by Michael Saylor is enjoying a 23% profit for each of its BTC. In addition, the company's investment in BTC has also improved its share performance, with stocks rising by about 160% this year, according to Tradingview data.
Michael Saylor, executive chairman of MicroStrategy, is a BTC supporter and has often stated that Bitcoin is a revolutionary monetary network. According to him, BTC has the advantage of long-term investment and hedge against inflation due to its scarcity and decentralization.
Saylor recently said: "Bitcoin offers companies an innovative strategy to maintain their capital and create shareholder value by increasing their balance sheet with $BTC, providing a way out of acquisition cycles, buy back, dividends, and debt."
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