Business intelligence company MicroStrategy is reaping tremendous profits from its Bitcoin investments, with Square and Tesla also seeing their BTC holdings pay off in a big way.
Bitcoin has been surging in recent weeks, and just today broke past the $60,000 level for the first time since April.
Back in late August when Bitcoin was valued at around $45,000, MicroStrategy poured $177 million into purchasing 3,907 BTC, bringing its grand total holdings to 108,992 at the time.
And again in mid-September, CEO Michael Saylor took to Twitter to announce,
“MicroStrategy has purchased an additional 5,050 Bitcoins for ~$242.9 million in cash at an average price of ~$48,099 per Bitcoin.
As of 9/12/21 we #hodl ~114,042 Bitcoins acquired for ~$3.16 billion at an average price of ~$27,713 per Bitcoin.”
San Francisco-based financial services and digital payments company Square explained its approach to BTC in a press release following a purchase of 4,709 BTC last year.
“Square believes that cryptocurrency is an instrument of economic empowerment and provides a way for the world to participate in a global monetary system, which aligns with the company’s purpose.
Square has previously invested in Bitcoin from a product, leadership, and legal innovation perspective, and today adds this financial investment.”
Bitcoin Magazine reports that Square holds over 8,000 BTC acquired at “an average price per Bitcoin of $27,407.”
Electric car manufacturer Tesla owns approximately 43,200 BTC bought for an average price of $34,722. At today’s value Tesla has netted a 1.73x return on its investment, according to industry tracker Bitcoin Treasuries.
Bitcoin is currently going for $60,356, up 10.8% on the week and having more than doubled from its 90-day low under $23,000 in July, according to CoinGecko.
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The post MicroStrategy Is Now $3,000,000,000 in Profit on Bitcoin Investment As Square and Tesla Witness Massive Returns appeared first on The Daily Hodl.