MicroStrategy, the business intelligence company, has reportedly experienced a pre-market rise in its stock of over 8%, while its Bitcoin holdings have appreciated by around $720 million. As per a report from Odaily Planet Daily, MicroStrategy's stock (MSTR) witnessed a bump of more than 8% as the market prepared to open.
On examining previously disclosed data, it's noted that MicroStrategy had purchased a total sum of 158,245 Bitcoins. The acquisition was made at a cost of roughly $4.68 billion, translating to an average position price of $29,582 per Bitcoin.
With the current price of Bitcoin standing at $34,134.1, MicroStrategy's Bitcoin portfolio has seen a significant gain. The company's holdings in the top cryptocurrency have generated an approximate profit of $720 million, reflecting positively on the firm's strategy of heavily investing in Bitcoin.
