Cryptocurrencies
MicroStrategy’s Bitcoin Stake Has Doubled in Value to $7 Billion
- CEO Michael Saylor bought more cryptocurrency during decline
- Holdings roughly equal the company’s market capitalization
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MicroStrategy Inc. founder and Chief Executive Officer Michael Saylor has cemented the enterprise-software company’s position as the largest corporate owner of Bitcoin, saying it purchased $414 million more of the largest cryptocurrency during its recent swoon.
The Tysons Corner, Virginia-based company, which has been buying Bitcoin since August 2020, now holds 121,044 tokens valued at about $7 billion, after accounting for its October and November purchases. And if the price of Bitcoin continues to recover losses posted over the Thanksgiving holiday, MicroStrategy will have doubled its money gains based on the average purchase price paid since the initial acquisition.