Michael Saylor’s Microstrategy, a software firm, became the topic of discussion in the crypto space after attaining a landmark feat with its Bitcoin holdings.
Per the news making headlines, Microstrategy’s recent Bitcoin acquisition indicates that the platform has surpassed the Bitcoin reserves of some nations with robust economies, including the United States and China.
Notedly, the software firm was said to have increased its total Bitcoin reserve to roughly 214,246 tokens after reportedly accumulating about 9,245 BTC at an average rate of $67,382 per coin, which amounted to $623M between March 11 and 18, 2024.
Microstrategy’s Bitcoin Holdings Relative To China And The U.S.
Taking to X, Ki Young Ju, the founder and Chief Executive Officer of CryptoQuant, who also doubles as a Bitcoin on-chain analyst, has congratulated Michael for achieving a noteworthy accomplishment.
The CryptoQuant CEO noted that Microstrategy’s approximated 214K BTC has exceeded that of the United States and China governments, holding about 210K and 194K Bitcoins, respectively.
While Michael’s achievement with Microstrategy will undoubtedly go down the record books as a phenomenal landmark, it is worth noting that the software maker’s outlet has been in the active business of stacking up BTC in line with its Treasury Reserve Allocation (TRA) strategy.
In addition, Microstrategy began accumulating Bitcoin in 2020 to bypass the growing inflation that almost resulted in the devaluation of the U.S. dollar following the negative economic impact of the COVID-19 outbreak pandemic.
On the other hand, the Chinese and American governments procure BTC majorly by confiscating the asset following evidence of illegal activities involving the token.
Bitcoin’s Current Market Status – Implications For The Software Outlet?
According to Bitcoin’s market statistics on the popular cryptocurrency price tracking site, CoinMarketCap, the world’s number one crypto asset is priced at roughly $67,508 after a 7.5% jump in the past 24 hours.
Based on BTC’s current price, Microstrategy’s 214,246 Bitcoin reserve will be worth around $14.5B. Meanwhile, according to one of Michael’s tweets, the Microstrategy founder revealed that as of March 18, 2024, his platform has spent roughly $7.53B to accumulate 214,246 BTC at an average price of $35,160 per coin.
The Microstrategy founder’s revelation invariably implies that the software outlet boasts unrealized profits of about $6.97B.
The estimated returns on investment (ROI) stand a greater chance to surge to the moon depending on BTC’s future price trajectory, especially after the Bitcoin halving event.
