Crypto
MicroStrategy's Bitcoin Bet Pays Off as Prices Soar Above $79,000
Michael Saylor's business strategy is proving successful after MicroStrategy (Nasdaq: MSTR) sold multiple times its Bitcoin holdings. The company's fortunes turned around with a significant rally in August, as Bitcoin prices rose above $79,000.
The sell-offs were prompted by the cryptocurrency crash in June, which forced the company to dispose of 32 BTC for $2.5 million from May 26-31, followed by 2,588 BTC for $216 million during June 29-July 5, and other significant sales through August.
As a result, MicroStrategy had an unrealized loss on its Bitcoin holdings worth approximately $13 billion in June. However, thanks to the recent price surge, the company is now sitting on a profit of about $1.69 billion.