Former MicroStrategy (MSTR) CEO Michael Saylor’s Wager on Bitcoin (BTC) Trying Higher

A rebound within the worth of bitcoin has sharply narrowed losses for MicroStrategy’s (MSTR) holdings of the cryptocurrency. When Michael Saylor stepped down nearly precisely a yr in the past as CEO of MicroStrategy to turn into its govt chairman with a sole deal with investing in bitcoin, his digital-asset technique was trying fairly bleak. He had already spent billions of {dollars} of MicroStrategy’s cash to buy bitcoin — and his paper loss amounted to about $1 billion. As we speak, although, MicroStrategy’s place seems brighter as bitcoin’s worth has rebounded to above $29,000. Saylor has purchased extra. MicroStrategy now owns 152,800 bitcoins, up from 129,699 when he surrendered the CEO job. The brand new purchases have lowered MicroStrategy’s price foundation to $29,672. Backside line: MicroStrategy, a software program firm that has turn into a proxy for bitcoin’s worth due to its largest holdings of the cryptocurrency, is almost again within the black with bitcoin.

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