Bitcoin’s recent price crash to around $25,000 has left MicroStrategy Inc, the largest corporate holder of the digital asset, with over $600 million in unrealized loss.

The Virginia-based software firm currently possesses over 150,000 Bitcoin, valued at approximately $3.96 billion in today’s market. These holdings were initially acquired at a combined cost of $4.5 billion, translating to an average purchase price of approximately $29,970 per Bitcoin. Consequently, the company now faces a deficit of $613 million.

MicroStrategy Back to Holding Bitcoin At Loss

Over the past three days, Bitcoin price fell by 11% to around $25,000 from over $29,000 recorded on August 16. This decline left several BTC holders with unrealized losses and meant that MicroStrategy Bitcoin holdings turned red for the first time since June.

The firm’s BTC bet turned profitable after the flagship asset surged above $30,000 due to the wave of institutional interest in the market.

However, the unrealized losses will unlikely deter the software company’s firm conviction about BTC. Michael Saylor, MicroStrategy’s chairman, is a vocal Bitcoin maxi who has regularly touted the asset as “digital gold.” Saylor is leading the firm’s Bitcoin acquisition Go to Source to See Full Article
Author: Oluwapelumi Adejumo

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