Famous Bitcoin supporter and former CEO of MicroStrategy, Michael Saylor, has announced another significant BTC purchase this week.
Saylor declared the purchase of 3,000 BTC worth $155 million to hold shares of the company. According to a tweet from Saylor, the purchase transaction was executed at an average starting price of $51,813.
With the latest buyback deal, MicroStrategy now claims to have a total ownership of approximately 193,000 Bitcoins acquired in all purchasing transactions at a cost of $6.133 billion. This is equivalent to a notable average cost per BTC the company has paid of $31,780.
MicroStrategy’s Bitcoin holdings stand at unrealized profits of $4.65 billion
According to data compiled by Saylortracker, at the current market price of around $55,840, MicroStrategy’s position currently has a total value exceeding $10.79 billion.
This means that the company has a massive unrealized profit of $4.65 billion on paper – reflecting an almost 76% gain in profit as of now from the investment allocation start under Saylor’s reign in 2020.
As the renowned corporate leader continuously adds to its treasury, MicroStrategy continues to lower its base cost while significantly expanding exposure to Bitcoin throughout this process.
With nearly $4.7 billion in unrealized profits on the books, shareholders and analysts continue to monitor how the ultimate profit could grow as the Bitcoin adoption process progresses.
Saylor himself remains staunchly convicted of being overvalued for a significant period based on his perspective of digital gold.
The price of Bitcoin has risen by 8.5% in the past 24 hours. BTC has surged from a 24-hour low of $50,931 to a high of $56,728 before settling at the current price.
