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Former CEO Brings $4 Billion to His Company Thanks to Bitcoin - Koin Newsletter
Software company MicroStrategy is reaping the benefits of investing in Bitcoin (BTC) years ago.**
The Virginia-based company, founded by Michael Saylor, invested about $500 million in short-term government bonds in 2020. Under the leadership of Saylor, the company changed this strategy and started buying Bitcoin.
With the price of Bitcoin exceeding the $52,000 mark for the first time since 2021, the total value of Bitcoins held by MicroStrategy approached $10 billion.
MicroStrategy has a total of 190,000 Bitcoins in reserve. The company, which has an average unit cost of $31,224, paid a total of $5.93 billion for them. The company's unrealized profit rate increased to about 70%.
The Bitcoin strategy has affected MicroStrategy (MSTR) shares. Since the company's decision to invest in Bitcoin, MSTR shares have gained more than 500%.
Today, MicroStrategy still holds more BTC than the BlackRock fund, which is the largest spot Bitcoin ETF after the Grayscale Bitcoin Trust (GBTC).