MicroStrategy Stock Spikes As Its Bitcoin Bet Turns Green

Bitcoin News: The global digital asset market registered a broad recovery on Tuesday as Bitcoin (BTC), the world’s largest crypto went on to breach the crucial $30K price level. The recent upward Bitcoin run has not only proved good for the crypto market but also for the companies who took a long bet on it.

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MSTR Bitcoin Bet Turns Green

Michael Saylor Co founder of MicroStrategy‘s, Bitcoin bet has finally paid off. Coingape reported that MicroStrategy Incorporated (MicroStrategy) raised its bet to add 1,045 Bitcoins during the period between March 24, 2023, and April 4, 2023. The accumulation came in for $29.3 million in cash while, the average price stood at $28,016 per Bitcoin.

As per the data, MicroStrategy, together with its subsidiaries is holding around 140K Bitcoins. The total holding came in at an aggregate purchase price of approx $4.17 billion. However, the average purchase price is expected to stand around $29,803 per Bitcoin. BTC is trading at an average price of $30,122, at the press time. Read More Bitcoin News Here…

MicroStrategy Inc (NASDAQ: MSTR) price jumped by 7.82% to trade at $312.78 as Bitcoin price breached the $30k price level. MicroStrategy’s stock price is up by 40% over the past 30 days. However, data suggests that MSTR stock gained over 120% in 2023.

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Bitcoin price is up by a massive 72% in the last 90 days. Recovering from 2022’s lows, BTC price hovered around the $28K price level for the past few weeks. Finally, the world’s largest crypto BTC broke the $30K price level.