Bitcoin price increase helps Microstrategy profit $1.2 billion
Bitcoin's recent rally to a yearly high of over $37,000 has turned #MicroStrategy 's multi-billion dollar bet on the leading digital asset into a massive profit of over $1 billion la.
The leading cryptocurrency rose to nearly $38,000 on Thursday, marking its highest level since May 2022. At that time, the cryptocurrency market saw a significant downturn, hit a low around $16,500 due to the collapse of Terra's UST algorithmic stablecoin and the fallout that affected various crypto companies, including #FTX and Celcius.
However, Bitcoin has enjoyed a notable recovery this year, posting gains of over 100% year-to-date, largely fueled by growing optimism surrounding the potential approval of a Bitcoin fund #ETF immediate delivery.
This price increase has been significantly profitable for MicroStrategy, with their investment now yielding a paper profit of $1.2 billion as of November 9, according to data from BitcoinTreasories.
