MicroStrategy's Michael Saylor earned $1.2 billion in three days following the Bitcoin boom

Although MicroStrategy is a software and AI company, they hope to rebrand themselves as “the world’s first Bitcoin development company.” Under the leadership of chairman Michael Saylor, they live up to their word in the truest sense of the word. Saylor and MicroStrategy have acquired 193,000 Bitcoins since 2020, making them the largest institutional BTC holders in the world. This investment has paid off tremendously and made MicroStrategy one of the most significant publicly traded companies in the crypto space.

Do not miss:

According to a report filed with the SEC, MicroStrategy purchased an additional 3,000 Bitcoins from February 15 to 25 at a price of $155.4 million. This brought the entire portfolio to a total of 193,000 Bitcoins, with a cost basis of $31,544 per Bitcoin, a total of just under $6.1 billion.

As the price of Bitcoin has risen, Saylor's investment has made huge profits. At its peak, Bitcoin reached a price of $63,918 on February 28th. At the time, Saylor's position was worth $12.3 billion, more than double what he bought it for.

Additionally, the price of Bitcoin increased by more than 25% in the three-day period from February 26th to 28th. Additionally, MicroStrategy's stock is up more than 55% this week, from less than $700 to well over $1,000.

—

Trending: Big Boom in Cryptocurrencies and Metaverse Interest as BTC Surges – Has Apple Vision Pro increased demand for virtual real estate?

—

Saylor is MSTR's largest shareholder with more than 2.4 million shares and owns at least 17,732 Bitcoins himself.

So the 25 percent gains in Bitcoin resulted in a $230 million profit on Saylor's personal stash of 17,732 Bitcoins.

In MSTR stock, Saylor's 2.4 million shares rose 55%, resulting in a gain of $984 million.

The story goes on

Add the two together and you get a total increase of over $1.2 billion in just three days.

Although none of these gains are fully realized, they still appear on Saylor's personal balance sheet as a huge increase in wealth. Additionally, Saylor did sell some of his shares, but that was just a drop in the ocean compared to his overall holdings.

The price increase in both Bitcoin and MSTR shares brings Saylor's total holdings to over $3.75 billion, much of which was acquired just this week. His BTC and MSTR holdings put him among the top 900 people on Earth in terms of net worth, before even considering his other assets.

Although the gains are impressive, Saylor doesn't think he or MicroStrategy will sell their Bitcoin holdings any time soon, saying in an interview last week that “Bitcoin is the exit strategy.”

It will be interesting to see if Saylor is tempted to sell after the huge price increases for his investments, or if he sticks to his guns and remains bullish on Bitcoin.

Continue reading:

“The Active Investor's Secret Weapon” Level up your stock game with the #1 trading tool for “news and everything else”: Benzinga Pro – Click here to start your 14-day trial now!

Get the latest stock analysis from Benzinga?

This article by MicroStrategy's Michael Saylor Earned $1.2 Billion in Three Days After Bitcoin Boom Originally appeared on Benzinga.com

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers