JAKARTA - MicroStrategy, a leading business analytics company, revealed that its Bitcoin holdings have generated a profit of 0.03 percent after storing it for more than 2 years. Shares of the company also saw a 122 percent spike in 2023.
As a company that owns large amounts of Bitcoin, MicroStrategy has surpassed the US$30,000 (Rp450 million) due to new institutional demand. The company's market value has more than quadrupled from year to year, reaching US$4.29 billion (Rp64.3 trillion).
Although previously reporting losses to Bitcoin assets in its financial statements, the recent increase in Bitcoin prices has made BTC MicroStrategy's holdings profitable.
This significant increase in Bitcoin prices was driven by the emergence of Bitcoin spot ETF applications from financial institutions such as BlackRock, WisdomTree, and Invesco. If approved, this spot's Bitcoin ETF can increase institutional interest in cryptocurrencies and encourage further price increases.
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After a series of lawsuits against cryptocurrency companies, including Coinbase and Binance by the Securities and Exchange Commission (SEC), the presence of new institutional investments helps restore market confidence.
Michael Saylor, CEO of MicroStrategy, who is a Bitcoin supporter, continues to express his confidence in this cryptocurrency. He considers Bitcoin to have an appeal as a form of preserving wealth amidst political and banking instabilities.
The increase in the price of Bitcoin and MicroStrategy's positive performance show the potential for growth and sustainability of cryptocurrencies in the global market. With increasing institutional demand, Bitcoin is increasingly gaining attention as a promising investment instrument. While still facing regulatory challenges, conventional financial institution support for Bitcoin could open the door to wider adoption in the future.
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