- Michael Saylor has invested in BTC again.
- At press time, bullish sentiment around Bitcoin remained high.
Even during Bitcoin [BTC] As it traded below $30,000, Michael Saylor was one of the loudest and biggest supporters of BTC.
Over time, the price of BTC rose well above the $30,000 mark. However, Saylor's attitude remained the same.
The bullish sentiment remains
According to Lookonchain, Michael Saylor's company MicroStrategy purchased 12,000 BTC from February 26 to March 10, worth a total of $821.72 million, at an average price of $68,477.
At the time of writing, MicroStrategy's total Bitcoin holdings stood at 205,000 BTC, equivalent to $9.9 billion, with an average purchase price of $33,706.
Based on current market prices, the profit realized from these investments could be an impressive $7.9 billion.
Source: X
Funding for this acquisition came from the $782 million the company raised through its recent convertible note offering.
For comparison, convertible bonds are a form of debt that can be converted into equity at a later date and are often used by companies to raise capital without immediately determining their valuation.
Source: X
At press time, MicroStrategy's recent acquisition had overtaken financial giant BlackRock in terms of Bitcoin holdings on its balance sheet.
At the time of writing, BlackRock owned 195,985.31 Bitcoins through its IBIT iShares Bitcoin Trust, which was less than MicroStrategy's holdings.
Looking at the status of Bitcoin ETFs, the assets under management (AUM) for GBTC has returned to around $28 billion, reaching pre-ETF levels, driven by the rise in Bitcoin price.
Significant outflows from GBTC continued, suggesting that investors may still be hesitant, awaiting a resolution or decline in BTC prices before re-engaging.
Source: Y-Charts
How is Bitcoin doing?
At press time, BTC was trading at $71,899.41, with the price up 2.69% in the last 24 hours. Traders remained positive on BTC as the put-to-call ratio fell significantly from 0.50 to 0.46.
Read Bitcoins [BTC] Price prediction 2024-25
This suggests that there have been more bullish bets made in favor of Bitcoin than bearish ones in recent weeks.
Despite all the optimistic sentiment surrounding Bitcoin, a decline in activity on the Bitcoin network has been observed in recent days. This drop in activity could impact BTC’s future growth potential.
Source: Santiment
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