HomeBitcoinMicroStrategy made a profit...

MicroStrategy made a profit of $1. 2 billion on its Bitcoin investments as the price of Bitcoin went up.

Bitcoin’s recent rise to over $37,000 has made MicroStrategy a profit of more than $1 billion on their investment in the digital currency.

The top cryptocurrency went up to almost $38,000 on Thursday, its highest level since May 2022. At that time, the crypto market went down a lot, dropping to around $16,500 because Terra’s algorithmic UST stablecoin failed, which also caused problems for other crypto companies like FTX and Celsius.

However, Bitcoin has improved a lot this year, gaining over 100% in value so far. This is mostly because many people believe that a Bitcoin exchange-traded fund might be approved soon.

The price going up has made MicroStrategy a lot of money. Their investment is now worth $1. 2 billion more than what they paid for it in November. The information comes from BitcoinTreasuries and it says that 9.

In the third quarter, the enterprise software company MicroStrategy bought 158,400 Bitcoins for $4. 68 Bitcoin is the largest public holder of MicroStrategy. Rewrite this text in simple words: Please rewrite this passage in simpler language. The company also shared that the average price they paid for each coin was $29,586.

Bitcoin is selling for $36,428 right now. The company led by Michael Saylor is making a 23% profit on each of its Bitcoin.

In addition, the company’s investment in Bitcoin has really helped its stock do well. According to Tradingview data, the stock has gone up about 160% this year.

Michael Saylor, who leads MicroStrategy, really likes Bitcoin. He thinks it’s a new and important way of doing money. He thinks that Bitcoin is a good investment for the future because there is a limited supply of it and it is not controlled by any one person or government. It can also protect against rising prices.

Saylor said something recently.

Bitcoin offers businesses a new way to save money and make their shareholders happy by using their balance sheets and $BTC. This helps them avoid spending a lot of money on buying other companies, giving out dividends, or taking on debt.

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