MicroStrategy and Tesla Make Billions on Bitcoin Investments
Business intelligence firm MicroStrategy, led by CEO/Bitcoin maximalist Michael Saylor, is blessed with its Bitcoin investments, accounting for over 100% profits of nearly $4 billion. Bitcoin has been on a rise in the past weeks and on Friday pierced the $60,000 level for the first time in almost six months.
Late August when Bitcoin was hovering around $45,000, MicroStrategy put another $177 million into purchasing 3,907 Bitcoin, bringing its total holdings to 108,992. Less than a month later, in mid-September, CEO Michael Saylor announced on Twitter:
MicroStrategy has purchased an additional 5,050 bitcoins for ~$242.9 million in cash at an average price of ~$48,099 per #bitcoin. As of 9/12/21 we #hodl ~114,042 bitcoins acquired for ~$3.16 billion at an average price of ~$27,713 per bitcoin. $MSTRhttps://t.co/2ESbTy6ad7
— Michael Saylor (@saylor) September 13, 2021
Other ‘big winners’ in the crypto space that did not hesitate to get in on Bitcoin, are payments platform Square and electric car manufacturer Tesla.
It is reported that Square holds over 8,000 BTC which were purchased at an average price of $27,407 per Bitcoin. The Jack Dorsey led company has evidently doubled its investment and its holdings are worth $491.85 million.
Tesla keeps approximately 43,200 Bitcoin locked up at an average purchasing price of $34,722. Elon ‘Technoking of Tesla’ Musk’s business Bitcoin holdings are good for $2.66 billion as of today.
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Author: Peter Siu